Oregon-Based Geothermal Company Files for Bankruptcy
KLAMATH FALLS, Ore. (AP) — A Klamath Falls geothermal company has filed for Chapter 7 bankruptcy after building wells in the Olene area in recent years.
The Herald & News reports that court records filed Tuesday in Reno, Nevada, say Klamath Basin Geopower owes between $10 million and $50 million to its creditors and must liquidate to satisfy the debts. According to the documents, Klamath Basin Geopower has 27 creditors, including parent company Optim Inc., the IRS and the Nevada Department of Taxation.
Court filings are due December 8 and a creditor meeting is scheduled for January. The company incorporated in 2009 and began drilling wells in Olene in 2012. Neither Klamath Basin Geopower's Reno headquarters nor its Klamath Falls office could be reached for comment Saturday.