U.S. BANKRUPTCY UP - 2
Eighteen US based oil companies filed for bankruptcy over the past two months as it appears most players in the energy industry scramble to make ends meet during these difficult times. Many companies on the teetering on the brink of insolvency find themselves buried under high interest rates and lack of deployable capital due to low commodity prices. Many banks have cut oil company credit lines as part of the semi-annual review by lenders. But the combined $8.9 billion in debt between the eighteen companies still looms ever menacingly in the background.
Two of the bigger names on the most recent list of bankruptcies include…
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