TransCoastal Corporation, along with its affiliate, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Northern District of Texas on December 8, 2015. The affiliate include CoreTerra Operating, L. L. C. The debtor listed its assets of $3.96 million and liabilities of $21.99 million. The largest unsecured creditors include Drillinginfo Inc. and Kane, Russell, Coleman & Logan, P.C. Stephen M. Pezanosky of Haynes and Boone, LLP acted as legal counsel for the debtor.

Blackhill Partners, LLC acted as financial advisor for the debtor. BlackBriar Advisors acted as financial advisor and Carrington Coleman Sloman & Blumenthal acted as legal advisor to debtor.