Oil Producer Warren Resources Warns Of Possible Bankruptcy
Law360, New York (February 9, 2016, 12:55 PM EST) -- Denver-based oil and gas producer Warren Resources said Tuesday that it will file for bankruptcy if it can’t strike an out-of-court restructuring deal with creditors that hold approximately $453 million in outstanding debt, saying it will need financial concessions in order to survive a weak energy market.
In light of the company’s financial difficulties, Warren said it will not expand drilling operations in the next year and estimates that its overall gas production will decline by approximately 20 percent for 2016. Warren’s precarious situation reflects financial problems systemic throughout the U.S. oil and gas industry which has been hit hard by...
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