TXCO Resources, the San Antonio based gas and oil producer, has filed for Chapter 11 bankruptcy. The company has cited difficulty in raising funds and meeting short term cash needs as reasons for the bankruptcy.

The company is also seeking financing of $32 million to help with their restructuring. The company's stocks fell by 48% to 28 cents on Monday morning.

If you are considering bankruptcy, contact the Austin bankruptcy attorneys of Slater Kennon LLP at 512-338-1100.