Financial Trouble | Capital Markets | Financial Trouble - Going Concern
California Resources Discussing Bankruptcy Terms with Creditors
Print
|
California Resources may be headed toward bankruptcy, as it is currently discussing the possibility with its lenders, according to a 10Q statement filed on June 25th, 2020.
The company said: "As discussed further below, we are actively discussing the terms of a restructuring with our creditors and other stakeholders with the objective of enabling us to continue operations better positioned to capitalize on our asset base and operating capabilities."
A Look Back
- May 29, 2020: Did not pay the approximately $51 million due on its $1.3 billion credit agreement
- June 2, 2020: Entered into forbearance agreement with lenders of the 2014 revolving credit facility
- June 15, 2020: Did not make payment of $72.3 millon on the 8% Senior Secured lien notes due 2022
The company also blamed Occidental Petroleum: "Our spin–off from Occidental Petroleum Corporation (Occidental) in December 2014 burdened us with significant debt which was used to pay a $6 billion cash dividend to Occidental. Together with the activity level and payables that we assumed from Occidental and due to Occidental's retention of a vast majority of receivables, our debt peaked at approximately $6.8 billion in May 2015."
More Financial Trouble News
Silverbow Resources Board Adopts 'Poison Pill' Strategy
SilverBow Resources Inc.'s board has unanimously adopted a limited-duration stockholder rights plan (a so-called poison pill strategy) following "significant accumulations" of the company's outstanding common stock. Activist investor…
Hess Corp. Second Quarter 2022 Results
Hess Corp. reported its 2Q 2022 results. Hess reported net income of $667 million, or $2.15 per common share, in the second quarter of 2022, compared with a…
Basic Energy Services Files for Bankruptcy; Inks Stalking Horse Deals
Basic Energy Services has filed for bankruptcy. Concurrently, the company has entered into several deals to sell off its assets. The transactions are being undertaken as the “stalking…
Amplify Energy Regains Compliance with NYSE
Amplify Energy Corp. has received notice from the NYSE that it had regained compliance with the continued listing standards set forth in Item 802.01B of the NYSE Listed…
Report: Chesapeake Poised to Emerge from Bankruptcy
Chesapeake Energy Corp. is poised to emerge from bankruptcy after a lengthy trial period, according to a report by Reuters. Per the report, the company's bankruptcy plan was…
West Coast News
CRC to Acquire Berry in All-Stock Combination, Building a Larger California-Focused Energy Leader
California Resources Corporation (CRC) and Berry Corporation announced a definitive agreement to combine in an all-stock transaction valuing Berry at approximately $717 million (inclusive of Berry net debt).…
Berry Reaffirms FY25 Guidance; Uinta Wells Drive 2H Growth
Berry Corporation delivered a steady second quarter update that reinforced the company’s core message for 2025: production is on plan, guidance is intact, and the hedge book is…
Kosmos Energy Ltd. First Quarter 2023 Results
Kosmos Energy Ltd. announced first quarter 2023 results. Highlights Net Production(2): ~58,800 barrels of oil equivalent per day (boepd), with sales of ~61,100 boepd Revenues: $394 million, or…
California Resources Corporation First Quarter 2023 Results
California Resources Corporation announced first quarter 2023 results. Highlights Named Manuela (Nelly) Molina as the new Executive Vice President and Chief Financial Officer, effective May 8, 2023 (see…
Berry Corporation First Quarter 2023 Results
Berry Corporation announced first quarter 2023 results. Highlights Reported Adjusted EBITDA(1) of $59 million Declared first quarter fixed dividends of $0.12 per share, double the quarterly rate from…