Analysis

Oil & Gas Bankruptcies May Drag As Secured Debt Swells

Law360 (October 9, 2020, 4:05 PM EDT) -- Banks and other secured lenders hold greater portions of the debt that's currently dragging oil and gas drillers into bankruptcy, which points to more contentious restructurings and asset sales as many of those lenders face significant losses, experts say.

The 36 North American oil and gas producers that have gone bankrupt through the first eight months of 2020 carried approximately $23.5 billion in secured debt, according to a report by Haynes and Boone LLP. That's already more than the $20.4 billion in secured debt borne by the 70 drillers that went bankrupt in all of 2016, the height of the previous...

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