White Stallion Energy in Evansville has filed for Chapter 11 Bankruptcy.
Documents were filed by the company on Wednesday in the U.S. Bankruptcy Court for the District of Delaware.
A separate document lists approximately 260 individual terminations as a result of the company filing for bankruptcy.
Unsecured claims owed by White Stallion Energy include Old National Bank, which has over $10 million in bank loans, over $420,000 in property taxes in Dubois County, over $370,000 in property taxes in Daviess County, and other businesses across the nation. Overall, the company has around $50 million owed in unsecured claims.
The company owns mines in both Indiana and Illinois.