Trinity Energy Solutions files for Chapter 7 bankruptcy protection

GARDEN CITY — The oil and natural gas downturn continues to hit Northern Colorado companies hard, with Garden City-based Trinity Energy Solutions Inc. the latest to fall victim.

Attorneys for the company filed for Chapter 7 bankruptcy protection on Nov. 24 in U.S. Bankruptcy Court in Denver on Trinity’s behalf.

Founded in 2006, Trinity, which had been located at 600 26th St., ceased operations in May. The company sold equipment and emissions controls to oil and gas producers.

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Reached by telephone Monday, president and co-owner Steve Hall declined comment on the bankruptcy filing other than to say, “It’s all due to the market.” In its prime, Hall said the company employed about 15 people but was down to eight or 10 employees by the time the company closed.

Chapter 7 protection involves debtors liquidating assets to pay creditors in order to be freed from debts.

According to Trinity’s bankruptcy filing, the company had $5.8 million in gross income in 2013 and $5.1 million in 2014 before reporting zero gross income for 2015. As of March 31 of this year, the company had roughly $521,000 in inventory.

As of the filing, the company reported $185,849.39 in personal property, including parts and accessories related to oil and gas equipment, money in bank accounts and miscellaneous computers and office supplies.

The company’s only secured creditor listed was Guaranty Bank & Trust, though the filing notes that a line of credit and vehicle loan had both been paid in full in June of this year.

A list of 22 unsecured creditors, however, is owed a total of $708,561.64, according to the filing. Among the creditors, Benchmark Equipment & Tank Inc. in Bloomfield, N.M. ($512,912.66) and Air Mac Inc. in Dallas ($110,966.08) were owed the most. The largest in-state creditor, according to the filing, is HIS Properties LLC in Evans, which is owed $42,800.

Hall, a Weld County School District 6 school board member, is listed in the filing as a 50 percent owner of Trinity with Rebecca Hall, who owns the other half of the company and is listed as vice president.