Bankrupt oil firm’s parent company files for Chapter 7 bankruptcy

Balusa Holdings Inc. owes $2.1 million to between one and 49 creditors.

A Centennial-based company has filed for Chapter 7 bankruptcy, less than three years after its Denver-based subsidiary took the Chapter 11 route.

In a Monday filing, Balusa Holdings Inc. said it owes $2.1 million to between one and 49 creditors. The company said it has assets of $13.2 million.

Chapter 7 bankruptcies are typically a liquidation process, in which a trustee is appointed to oversee a selloff of the debtor’s assets.

Balusa subsidiary Cascade Integrated Services LLC filed for Chapter 11 bankruptcy in December 2016. The company, which helped clients drill oil and gas wells, and transport products and waste materials, is being liquidated, according to the most recent filings in that case.

Balusa’s largest creditor is Costa Mesa, California-based Daimler Truck Financial, which said on its website it offers commercial vehicle loans and leases to businesses. Balusa said in the Monday filing that the company has a $1.9 million claim against it, although it classifies the claim as “disputed.”

The company reported no business revenue in 2018. It did report $11,358 in non-business revenue, labeled “Cascade bankruptcy distribution.”

Balusa Holdings is led by President Dwayne Dueck. Denver attorney Kevin Neiman is representing the company in the bankruptcy process. Neiman did not respond to a request for comment.

POSTED IN News, Top News

Editor's Picks

Leave a Reply

Be the First to Comment!

Notify of