Stressed oil firms turn to junk bonds, bankruptcy
Rise in junk bonds and bankruptcies are the latest sign of stress in the petroleum sector as US crude prices linger around US$45 a barrel, down nearly 60 per cent since June
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New York
THE oil price crash is taking a growing financial toll on companies throughout the industry, forcing some into bankruptcy and others to issue expensive junk bonds to stay afloat.
Last Tuesday, shale producer Quicksilver Resources filed for bankruptcy protection for its US operations after missing a bond payment.
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