Bankrupt Shale Drillers
Posted: Tue Oct 06, 2020 4:43 am
- Sable Permian Resources, owed $650 Million to lenders, agreed to be acquired by the lenders, in a deal arranged by JP Morgan. Secure bondholders who were owed $700 Million were wiped out though. The oil reserves that Banks lent against with, turned out to be less in value afterwards
- Alta Mesa Resources, had more than $1 Billion debt, with only USD 110 Million cash in hand
- Arena Energy, saddled with more than $1 Billion debt, only have $35 million cash
- Whiting Petroleum, saddled with $3.6 Billion debt
- Chesapeake Energy, saddled with more than $10 Billion debt
- Ultra Petroleum, saddled with $2.56 Billion debt with $1.45 Billion in asset, offering to ease $1.5 Billion debt with 97% shares to the bondholder
- Extraction Oil and Gas, was saddled with $1.5 Billion debt with bondholders