Oil Patch Bankruptcies Hit $17.4 Billion
Oil Patch Bankruptcies Hit $17.4 Billion Nine North American oil and gas producers have commenced Chapter 11 bankruptcy proceedings so far this year, (to March 7) according to law firm Haynes and Boone LP’s Oil Patch Bankruptcy Monitor. These nine oil patch bankruptcies take the total number of North American oil and gas producers that have filed for bankruptcy since the beginning of 2015 to 51. These bankruptcies, including Chapter 7, Chapter 11, Chapter 15, and Canadian cases, involve approximately $17.39 billion in cumulative secured and unsecured debt. The total number of bankruptcies and total owed to creditors has risen sharply from...
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