You are here

Creditors seek to wind up zombie US energy firms

Petitions for involuntary bankruptcy filed against 3 firms with US$2b in combined debt

HARD TIMES: Involuntary bankruptcies signal deepening pessimism about the crude market outlook and herald more distress for oil and gas producers if prices stay low.

Wilmington, Delaware

RISING financial stress in the US energy sector has prompted some suppliers and vendors to take unusual legal action to collect unpaid debts: forcing struggling companies with billions of dollars in debt into bankruptcy.

Since August, creditors have filed