Analysis

Oil Bankruptcy Fights Loom As Prime Lenders Get Squeezed

Law360 (September 4, 2019, 8:36 PM EDT) -- The latest bankruptcy wave hitting the U.S. oil patch has experts bracing for longer and nastier court battles fueled by depressed asset values starting to bite banks and other first-lien lenders, which could increasingly leave junior and unsecured creditors empty-handed.

There have been 26 upstream oil and gas company bankruptcies in 2019 through mid-August — nearly as many as in the entire year of 2018 and more than in all of 2017, according to figures compiled by Haynes and Boone LLP. But this stretch of insolvency is expected to look different, as banks and other first-lien holders may be forced to...

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