Maverick Residential Mortgage, which once operated a branch in Decatur, filed for Chapter 7 bankruptcy protection in late February. Chapter 7 usually results in liquidation.
The company failed to pay employees in mid-January and closed before the end of the month. The Dallas Business Journal said the company ranked No. 48 on the 2007 Dallas 100 listing of fastest-growing private firms in the Metroplex.
The company sent a letter to employees from company CEO Bob Johnson saying that the company "has experienced unforeseen business circumstances and exigencies."
In its filing, the company listed more than $10 million in assets and liabilities.
Boots and Coots reports earnings
Boots and Coots, a petroleum industry service firm with an office in Decatur, has reported year-end earnings of $7.9 million compared to $11.8 million in 2006.
Company officials said that Boots & Coots incurred $2.4 million in start-up expenses in 2007 for global expansion of its snubbing/workover and prevention services and entrance into the pressure control rental business, compared to no start-up expenses in 2006.
"Fourth quarter results have moved the company over the $100 million revenue milestone," said company president Jerry Winchester. "The strong quarter is a direct result of the investment initiatives we made during 2007, including our redeployment of underutilized assets."
News
