Galaxy Energy Chapter 7 case fully administered; claimants get nothing

By Caroline Salls

Pittsburgh, April 7 - Galaxy Energy Corp.'s Chapter 7 bankruptcy case has been fully administered, according to a report filed Wednesday with the U.S. Bankruptcy Court for the District of Colorado.

Chapter 7 trustee M. Stephen Peters said $66.78 million in company assets were abandoned without deducting any secured claims.

In addition, Peters said $61.54 million in claims were discharged without payment, and no distribution was made to claimants.

The total $6,950 in gross receipts went toward Chapter 7 administrative fees and charges.

Galaxy, a Denver-based independent oil and gas company, filed for bankruptcy on March 14, 2008. Its Chapter 7 case number is 08-13164.

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