Debtwire Releases Energy Highlights of Mid-July “Bankruptcy Tracker”
26 July, 2016
North American oil & gas producers and drilling, fracking and related service providers with more than $45 billion in debt have filed for bankruptcy so far in 2016, up 80% from $25 billion in all of 2015
NEW YORK (July 26, 2016) – Debtwire, the leading provider of real-time intelligence, analysis and data on the distressed debt, leveraged finance and asset-backed markets around the world, today announced the highlights of its latest “Bankruptcy Tracker,” a weekly client publication tracking every significant oil & gas bankruptcy filed in the US and Canada.
Since the oil price crash of late 2014, more than 140 companies involved in North American drilling, fracking, or oilfield services have filed for bankruptcy, according to data compiled by Debtwire. North American E&P and oilfield services companies with more than $45 billion in secured debt have filed for bankruptcy as of July 20 in 2016, up 80% from about $25 billion in all of 2015. The wave of energy bankruptcies has also shifted the bulk of large corporate restructuring work from their traditional strongholds in New York and Delaware to courts closer to the energy bust, in Texas and Western Canada.
Debtwire’s proprietary Bankruptcy Tracker is the only industry source for a detailed list of the banks, hedge funds and private equity firms involved in these cases. Debtwire executives can discuss the notable investors and key issues in these cases and in the Chapter 11 world generally. In an interview, we can also break down the data regionally to focus discussion on how the energy opportunities are playing out in Western Canada or Texas.
Looking ahead at potential bankruptcies, Debtwire’s latest “Workout Waiting Room” collects distressed borrowers that have already reached restructuring triggers, but that have not yet undertaken a restructuring transaction or bankruptcy filing. Debtwire’s July 6 edition includes four credits from the E&P sector, and three from the energy services space. It also removed C&J Energy Servicesfrom the Waiting Room after the company announced an agreement with secured lenders that contemplates equitizing $1.4 billion in debt along with a backstopped equity rights offering. Similarly, Key Energy Services left the list after the company disclosed details of restructuring negotiations with creditors.
Debtwire’s latest “E&P Restructuring Roulette Table,” which highlights the trigger points of E&P borrowers most at risk of defaulting in the near-term, begins with the most imminent restructuring candidate, Comstock Resources. Other names on the list include EXCO Resources, Jupiter Resources, and W&T Offshore.
Launched in 2003, Debtwire is the premier global news and analysis service covering the leveraged credit markets, with a specialized emphasis in the areas of distressed and restructuring. Debtwire is part of the Mergermarket Group’s Fixed Income division, which also includes Xtract Research – the worldwide leading provider of covenant research, and Creditflux – the leading news and data source for CLOs.
Debtwire’s intelligence delivers actionable opportunities for subscribers, while its financial and legal research provides timely analysis on event-driven situations. The content team is comprised of trusted financial journalists, credit and legal analysts, all with considerable experience in trading, law and investment banking.
For insight on Debtwire’s services focused on North America, Europe, CEEMEA, Asia-Pacific, Latin America, ABS and Municipals, visit www.debtwire.com. To learn about more about Xtract Research, visit www.xtractresearch.com. To view additional information on Creditflux, visit www.creditflux.com.
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