GS: Expect More Oil Patch Bankruptcies

Oil Patch Bankruptcies - As ValueWalk reported last month, the number of companies filing for bankruptcy protection in the North American oil patch picked up steam at the end of the first quarter, ahead of spring borrowing base redeterminations. Then life got even harder for North American E&Ps during the second quarter as banks cut borrowing bases and capital markets remain closed to companies.

Oil Patch Bankruptcies Are Just Getting Started

According to law firm Haynes and Boone LP’s May Oil Patch Bankruptcy Monitor, which ValueWalk has followed closely since its inception last year, during April 18 North American oil and gas producers filed for Chapter 11 listing $14.9 billion in debt, more than any other month covered by the report so far.

Oil...

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