Albuquerque Journal (Albuquerque, NM)

Solv-Ex Again Files Chapter 11 Bankruptcy.(Business)

Byline: Aaron Baca Journal Staff Writer

An Albuquerque company founded roughly 20 years ago to develop technology for extracting oil from Canadian tar sands has filed for Chapter 11 bankruptcy for a second time in four years.

Solv-Ex Corp. filed a voluntary petition with the U.S. Bankruptcy Court in Albuquerque on Feb. 1. The petition lists nearly $2.9 million in liabilities for the company and about $560,000 in assets.

The petition also shows Solv-Ex as having no income from its operations.

"We don't have any comment," said Frank Ciotti, the chief financial officer at Solv-Ex. "We can't comment beyond what is in the petition. That's a public record. …

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