Tag: Bankruptcy
Oil bust bankruptcies: Why are the boards of directors still here?
“Is there any accountability?…These companies’ strategic plans should have adequately managed that risk.” – Hirs By Ed Hirs The spate of bankruptcies among oil and gas producers has reached epic proportions — more than 69 since January 2015 by one count. And the bankruptcy of Energy Future Holding Corp., a group of electricity companies undone by the low […]
Magnum Hunter Resources emerges from Chapter 11 bankruptcy
Magnum Hunter says it also resolved business disputes with Eureka Midstream Holdings, LLC IRVING, Texas – Magnum Hunter Resources Corporation and certain of its wholly-owned subsidiaries announced that its Chapter 11 plan of reorganization, which was confirmed by the United States Bankruptcy Court for the District of Delaware on April 18, is now effective. Magnum Hunter […]
New filings propel US energy high yield bond default rate to record 13% – Fitch
Low market trading prices on the bonds portend poor recoveries for unsecured creditors on default NEW YORK – Two oil and gas producer defaults have propelled the energy high-yield default rate to a record 13 per cent, surpassing the 9.7 per cent mark set in 1999, according to Fitch Ratings. Ultra Petroleum Corp. and Midstate […]
Energy XXI files Chapter 11 after spending $5 billion on acquisitions during oil boom
Company says it expects to pay suppliers in full under normal terms for goods and services provided on or after the Chapter 11 filing date HOUSTON- Energy XXI Ltd announced Thursday that it and certain of its subsidiaries have entered into a restructuring support Agreement (the “RSA”) with holders of more than 63 per cent of the company’s […]
Bluestone Natural buys bankrupt Quicksilver assets for $245 million
BlueStone’s says buying Quicksilver assets complements existing holdings in Barnett Shale, South Texas TULSA, Okla. – BlueStone Natural Resources says it has bought Texas-based Quicksilver Resources for $245 million in a bankruptcy auction. The United States Bankruptcy Court for the District of Delaware approved Tulsa-based BlueStone Natural Resources II, LLC as the buyer of the domestic oil and gas […]
Swift Energy bankruptcy filing symbolic of oil patch woes – Fitch
Swift Energy launched $640 million loan in June to pay down borrowings/cash needs but pulled due to poor market The Dec. 31 Chapter 11 bankruptcy filing by Swift Energy Company adds to the growing wave of energy defaults and is representative of continued oil patch challenges, according to Fitch Ratings. Swift Energy’s bankruptcy filing, affecting approximately […]
Houston-based Swift Energy files for bankruptcy, begins restructuring
Swift Energy had to take action in response to the significant reduction in oil and gas prices that the entire industry has been facing. Swift Energy Company has announced it is filing a Chapter 11 plan of reorganization and is converting debt to equity under a restructuring support agreement signed Monday. The company says it has reached […]
Magnum Hunter Resources files for Chapter 11 bankruptcy protection
Agreement provides for debtor-in-possession financing in form of a $200 million senior secured multi-draw term loan Magnum Hunter Resources Corporation and its subsidiaries filed for bankruptcy protection Tuesday, saying it has the support of its lenders to restructure debt. The company has a restructuring support agreement with lenders that hold approximately 75 per cent in principal […]
Exploration and production bankruptcies drive up failure rate
Sabine Oil & Gas Corporation and Lightstream Resources Ltd., latest victims of lower oil prices, latest bankruptcies Two more exploration and production companies have declared bankruptcy, causing the energy default rate to exceeds its long term average 1.9 per cent, according to Fitch Ratings. Sabine Oil & Gas Corporation and Lightstream Resources Ltd. recently filed for Chapter 11 protection, driving […]
Quicksilver Resources files for bankruptcy, $1.35 billion in liabilities
Quicksilver Resources anticipates carrying on normal operations as it restructures Quicksilver Resources Inc. (OTCQB:KWKA) – saddled with $1.35 billion of liabilities, 10 times its cash flow – announced Tuesday that it has filed for chapter 11 bankruptcy protection. The company was unsuccessful at finding investment or a buyer for its assets, which includes unconventional shale reservoirs and […]
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