California producer,refiner Greka files for liquidation

摘要

New York-Greka Energy,an affiliate of Ran-deep Grewal's troubled California heavy oil and asphalt empire,filed last week for voluntary Chapter 7 bankruptcy liquidation in New York,beset by legal judgments,state environmental litigation and a federal criminal probe(ON 11/14).The company's Nov 30 bankruptcy filing,under the name Saba Enterprises and including Greka,Horizontal Ventures and Petro Union,lists debts of up to 50-mil but assets of less than 50,000 and Greka sees no hope of payout for unsecured creditors,which include Chevron's Unocal arm.