September 30, 2020 | technology | No Comments
(Reuters) – Oasis Petroleum Inc OAS.O filed for Chapter 11 bankruptcy protection on Wednesday, the latest U.S. shale producer to seek court-aided restructuring as the energy industry reels from an unprecedented crash in oil prices caused by the COVID-19 pandemic.
The company listed assets and liabilities in the range of $1 billion to $10 billion, according to a court filing.
Oasis said it secured $450 million in debtor-in-possession financing and expects to cut debt by $1.8 billion through the restructuring. It had long-term debt of $2.76 billion with just $77.4 million in cash and cash equivalents as of June 30.
Lockdowns to stem the spread of the virus decimated travel and the demand for fuel, bringing oil drilling to a halt and