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