Ethos Offshore US filed for Chapter 7 bankruptcy after its board of directors concluded the subsea engineering and construction services company based in Houston is insolvent and unable to pay its bills.
The filing Tuesday in federal bankruptcy court in Houston came one day after the board met in a special meeting. A Chapter 7 filing means the company will liquidate all of its assets to pay creditors.
The company estimated that its liabilities range between $1 million and $10 million, according to the bankruptcy filing. The company reported assets of less than $50,000. The company believes there will be no money remaining to pay unsecured creditors.