A pipeline engineering firm based in Greenwood Village has filed for Chapter 7 bankruptcy.
Zion Engineering said in a Jan. 12 filing that it owes around $1.4 million to seven creditors. The firm said it has $254,798 in assets.
Chapter 7 bankruptcies are typically a liquidation process, and a trustee is appointed to oversee a selloff of the debtor’s assets.
Andy Siegfried, the firm’s CEO who founded the company in 2013, signed the filing. He declined a request for comment.
Zion Engineering had revenue of $7.1 million in 2018, $9.4 million in 2019, and $2.49 million in 2020, according to the filing. As of Jan. 12, the firm had made $350 in 2021.
Two of the seven creditors are Zion employees, including Siegfried and Quinn Bailey, the firm’s vice president of operations, according to the filing.
Zion Engineering, which has offices at 8100 E. Maplewood Ave., specializes “in the planning, engineering, design, construction management, inspection and support services for a wide range of energy infrastructure,” including pipeline systems, bulk liquid storage facilities, and gas storage infrastructure, according to its website.
Oil and gas prices are yet to make a comeback after pandemic lows, and global spending on oil and gas production is expected to remain below pre-pandemic levels through at least 2025, the Wall Street Journal reports. Exxon and Chevron together are cutting costs by a combined $260 billion.