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A Surge in Small Business Bankruptcies is Underway
A Surge in Small Business Bankruptcies is Underway The new rules make it easier for small businesses to file for chapter 11. And they are. Small Businesses Walking Away In 2008, homeowners walked away from mortgages. Thanks to the Small Business Reorganization Act of 2019 (SBRA), in effect as of February 19, 2020, small businesses have an […]
The Great American Shale Oil & Gas Massacre: Bankruptcies, Defaulted Debts, Worthless Shares, Collapsed Prices of Oil & Gas
The Great American Shale Oil & Gas Massacre: Bankruptcies, Defaulted Debts, Worthless Shares, Collapsed Prices of Oil & Gas The bankruptcy epicenter is in Texas. The Great American Oil Bust started in mid-2014, when the price of crude-oil benchmark WTI began its long decline from over $100 a barrel to, briefly, minus -$37 a barrel […]
Chesapeake Files For Bankruptcy, Wiping Out $7 Billion In Debt And Any Existing Equity Value
Chesapeake Files For Bankruptcy, Wiping Out $7 Billion In Debt And Any Existing Equity Value After years of melting, the Chesapeake icecube is finally history: at exactly 350pm on Sunday afternoon, the company that launched the US shale boom, finally gave up and filed for a pre-packaged bankruptcy in the Southern District of Texas. In […]
30% Of U.S. Shale Drillers Could Go Under
30% Of U.S. Shale Drillers Could Go Under U.S. shale was one of the big losers of the Saudi-Russian price war that many saw as a war on U.S. shale. Producers scrambled to stay afloat as prices sank back to lows not seen since 2016, and they are still scrambling. Banks are giving them the […]
The Unique Ways Oil Companies Are Looking To Avoid Bankruptcy
The Unique Ways Oil Companies Are Looking To Avoid Bankruptcy Many U.S. shale firms have cruised through the past couple of years by borrowing money and drilling new wells, making the United States the world’s top crude oil producer. The strategy worked for a while, especially when oil prices were around $60 a barrel. But […]
Coronavirus Bankruptcy Pandemic Continues
Coronavirus Bankruptcy Pandemic Continues Hertz has now joined the ranks of filing for bankruptcy as this lockdown has caused car rentals to crash to virtually zero. Of course, Climate Change activists led by Bill Gates are celebrating. They cheer every bankruptcy they have managed to create with the absurd lockdowns were the first time in history you […]
California Just Put Washington in this Economic “Catch-22”
California Just Put Washington in this Economic “Catch-22” Government bailouts are being revived, and this time, unlike during the 2008 recession, it appears large financial companies won’t be the only ones asking for help. The problem is, the government may not be able to help this time. In response to a bloated state budget and […]
What is Really the Game with the Bailouts?
What is Really the Game with the Bailouts? There is a major crisis economically unfolding and the markets are not yet taking into account the seriousness of the economic damage. I have explained that this is a Coronavirus Bankruptcy Pandemic which has put about 30% of the retail service industry in the crosshairs of insolvency. […]
Bankrupt Cities And States Get The National Disaster They’ve Been Hoping For
Bankrupt Cities And States Get The National Disaster They’ve Been Hoping For The people running states like New Jersey and cities like Chicago know they’re broke. Ridiculously generous public employee pensions – concocted by elected officials and union leaders who had to have understood that they were writing checks their taxpayers couldn’t cover – are […]
FIRST SHALE OIL DOMINO TO FALL: More to Follow
FIRST SHALE OIL DOMINO TO FALL: More to Follow In a stunning news release, Continental Resources, the largest shale producer in the Bakken, is shutting in most of its production in the region. That is one hell of a lot of output to shut-in as Continental Resources was producing over 200,000 barrels per day in […]
Bankrupting America
Bankrupting America Source: AP Photo/Alex Brandon Two weeks ago, President Donald Trump signed the largest stimulus bill in U.S. history: more than $2 trillion. For once, both Republicans and Democrats agreed. The Senate voted 96-0. The House didn’t even bother with a formal vote. At the White House, a reporter asked the president, pointing out […]
Whiting Petroleum Files For Prepackaged Bankruptcy
Whiting Petroleum Files For Prepackaged Bankruptcy Talk about a coincidence: just as we were discussing why April would be “apocalyptic” for the oil industry, as Saudi Arabia just unleashed an unprecedented record amount of oil to buyers in a scramble to put its high-priced competitors out of business, warning that “countless oil producers would file […]
Major Freight Carrier Bankrupted, Leaving 3,000 Truckers Jobless, Many Stranded On Highways
Major Freight Carrier Bankrupted, Leaving 3,000 Truckers Jobless, Many Stranded On Highways As the manufacturing recession gains momentum, the largest U.S. truckload carrier filed for bankruptcy Monday morning, leaving 3,000 truck drivers and 500 administrative positions without a job two weeks before Christmas. Indianapolis-based Celadon filed for voluntary Chapter 11 bankruptcy in the early hours […]
Bangladesh’s Central Bank Offers Amnesty To Delinquent Borrowers, Prompting Mass Default
Bangladesh’s Central Bank Offers Amnesty To Delinquent Borrowers, Prompting Mass Default Bangladesh’s Central Bank in May introduced an amnesty program that allowed delinquent borrowers to make a small upfront payment and then pay off the rest of their debt over 10 years at favorable interest rates, according to Bloomberg. However, the plan also triggered a rush by healthy […]
Bankruptcy Filings Rise Among US Energy Producers, Report
Bankruptcy Filings Rise Among US Energy Producers, Report According to a new report from law firm Haynes and Boone LLP, bankruptcies in the upstream sector are increasing this year as energy spot prices remain subdued amid a cyclical downshift in the economy. So far, 26 exploration and production (E&P) firms have filed for bankruptcy through mid-August, with debts […]
