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Bankruptcy wave in US oil industry nears size of telecom bust

Published Wed, May 4, 2016 · 09:50 PM
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Houston

THE rout in crude prices is snowballing into one of the biggest avalanches in the history of corporate America, with 59 oil and gas companies now bankrupt after filings for creditor protection by Midstates Petroleum and Ultra Petroleum.

The number of US energy bankruptcies is closing in on the staggering 68 filings seen during the depths of the telecom bust of 2002 and 2003, according to Reuters data, the law firm Haynes & Boone and bankruptcydata.com.

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