Mercury Cos., the closely held operator of title companies that once had about 250 offices in six U.S. states, told a bankruptcy judge it has $63.5 million of debt, or almost three times the value of its assets.
The company has $21.4 million worth of personal property, including cash, aircraft, insurance polices and other assets, according to papers filed Sept. 12 in U.S. Bankruptcy Court in Denver, where it's based.
Mercury, a holding company, filed a Chapter 11 petition on Aug. 28, blaming its collapse on the U.S. housing market. The company's Web site said it has more than 2,500 workers in Colorado, Arizona, California, Texas, Oregon and Utah.
Mercury ceased operations in some states in July. In June, three units sought permission to liquidate in a bankruptcy court in California, according to court papers. The company has wound down or sold much of its operations, court papers show.