Energy default alarms get louder as pain seen lasting into 2016
Default rates among high-yield firms forecast to hit 25% cumulatively in next 2-3 years if oil stays below US$60
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New York
ELEVEN months of depressed oil prices are threatening to topple more companies in the energy sector.
Four firms owing a combined US$4.8 billion warned this week that they may be at the brink, with Penn Virginia Corp, Paragon Offshore plc, Magnum Hunter Resources Corp and Emerald Oil Inc saying their auditors have expressed doubts that they can continue as going concerns.
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