Transmeridian Exploration files bankruptcy

By Caroline Salls

Pittsburgh, March 23 -Transmeridian Exploration Inc. filed for Chapter 11 bankruptcy Friday in the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, Transmeridian failed to make the $8.7 million interest payment due Dec. 15 on its 12% senior secured notes due 2010.

In light of its current circumstances, Transmeridian said in January that it was not likely that any of its equity security holders would receive any recovery on their investment.

According to court documents, Transmeridian had $377.9 million in total assets and $451.68 million in total debt at Sept. 30.

The company's largest unsecured shareholder is Jefferies & Co. Inc. of Los Angeles with a $3.57 million claim. The company did not list any other unsecured creditors with claims of $1 million or more.

Transmeridian is a Houston-based independent energy company. Its Chapter 11 case number is 09-31859.

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