Analysis: Bankruptcies Have Little Effect On Oil Production
Post-bankruptcy production figures are hard to track, but restructuring specialists say many bankrupt drillers keep pumping oil. Creditors can then recover some of what they are owed, Reuters said.
Bakken-focused Black Ridge Oil & Gas Enters Restructuring
The transaction, scheduled to close in May, has an effective date of April 1 and is subject to approval from Cadence Bank NA and completed Securities and Exchange Commission filings.
SandRidge Energy Hires Advisers, Considers Bankruptcy
SandRidge, working with law firm Kirkland & Ellis and investment bank Houlihan Lokey on restructuring, drew down its credit line and trimmed costs with asset sales and job cuts, Reuters said.
Struggling US Oil, Gas Companies Consider Using 1.5 Lien Debt
Some credit rating agencies view the exchange of new 1.5 lien secured notes for existing senior unsecured and second-lien secured notes as a distressed exchange and a limited default, Reuters said.
Venoco Enters Restructuring Agreement, Files For Bankruptcy
"Today's announcement represents another significant step in our ongoing efforts to address the challenges before us and position the company for long-term success," said Mark DePuy, CEO.
SandRidge Energy Makes $50.1 Million Interest Payments
In separate filing, SandRidge said it would file annual report for 2015 late, and it expects accounting firm to doubt its ability to continue as a "going concern," Reuters reported.
Linn Energy Did Not Fully Secure Bond Swap With Collateral
With about $10 billion debt, if Linn files for bankruptcy it would be largest to date, Reuters said. Value of bonds issued in November fell to about 15 cents on dollar.
Ultra Petroleum's Auditors Warn Of Its Bankruptcy Risk
Ultra Petroleum expects to default on credit agreement March 15, Reuters reported. There is $1.46 billion due between March 2016 and October 2025. and $630 million due in October 2016.
Midstream Sector Could Be Affected By Certain Bankruptcy Filings
Lawyers told Reuters some gathering agreements did not appear well protected against bankruptcy, in part because the contracts were written when one company owned both energy production and midstream operations.
Argent Energy Trust Begins Creditor Protection Proceedings In Canada
Restructuring became difficult after low commodity prices and limited access to capital, negative operating results, no suitable offer for assets and an accelerated credit facility payment, among other issues.