20 Months, 90 Bankruptcies In North-American Oil & Gas

[averagejoe]

20 Months, 90 Bankruptcies In North-American Oil & Gas

A report published earlier this month by Haynes and Boone found that ninety gas and oil producers in the United States (US) and Canada have filed for bankruptcy from 3 January, 2015 to 1 August, 2016.

Approximately US$66.5 billion in aggregate debt has been declared in dozens of bankruptcy cases including Chapter 7, Chapter 11 and Chapter 15, based on the analysis from the international corporate law firm.

Texas leads the number of bankruptcy filings with 44 during the time period measured by Haynes and Boone, and also has the largest number of debt declared in courts with around US$29.5 billion.

Forty-two energy companies filed bankruptcy in 2015 and declared approximately US$17.85 billion in defaulted debt. The costliest bankruptcy filing last year occurred in September when Samson Resources filed for Chapter 11 protection with an accumulated debt of roughly US$4.2 billion.

http://oilprice.com/Latest-Energy-News/ ... l-Gas.html

[Dizzy1]

And other companies scooped up their assets. The world of business, there are always losers and winners.

[averagejoe]

And other companies scooped up their assets. The world of business, there are always losers and winners.

You seem to for get as others, the financial affect on those who were employed by these companies.

[goatboy]

You seem to for get as others, the financial affect on those who were employed by these companies.

You mean like what happened to the workers for each of Donald Trumps companies that went bankrupt?

[Dizzy1]

You seem to for get as others, the financial affect on those who were employed by these companies.

And you seem to forget, the financial affect on those who are employed by the companies that picked up the assets. Like I said, winners and losers.

[GordonH]

Jobs come & jobs go, the days of working for same employer for 20+ years (with the exception of government) are rare if at all.

[dontrump]

Jobs come & jobs go, the days of working for same employer for 20+ years (with the exception of government) are rare if at all.

really ?? what about Tolko -BC Hydro- BC gas(fortis) Telus- safeway- motor vehicle dealerships -
and on and on and on Hundreds of companys still going strong and thousands of workers work for same companys for well over 20 years

[maryjane48]

Bc gas is not fortis

[manmade]

*Removed

[GordonH]

Bc gas is not fortis

2003 BC gas became Terasen
2007 Terasen was purchased by Fortis, so yes BC gas is Fortis.

[dontrump]

Bc gas is not fortis

yes it is
BC gas sold to out to terasen and eventually fortis bought them out