Oil field services company files for bankruptcy as PPP runs dry

A San Antonio oilfield services firm has filed for bankruptcy nearly eight months after receiving federal assistance under the Paycheck Protection Program.

Stockdale-based Challenger Tank and Oilfield Services LLC filed for Chapter 11 bankruptcy protection in San Antonio Tuesday, listing $851,000 in liabilities and $466,000 in assets.

One of the company’s largest debts is the $223,000 in PPP loans that kept it afloat when work dried up in the spring due to plummeting oil prices. That loan money…


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