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When good loans go bad among junior energy companies
When good loans go bad among junior energy companies The energy sector is facing a season of pain as its loans are renegotiated. This is shaping up to be a deeply unpleasant autumn for junior energy companies and the banks that lent them hundreds of millions of dollars. “Everyone got hall passes until the fall, but the principal […]
The Default Next Move For Oil Is Down, And Here’s Why
The Default Next Move For Oil Is Down, And Here’s Why Panic seems like a strong word, but…. As traders, investors and pundits, we all like to think that what we do is akin to a science. We believe that by working harder and being smarter we can give ourselves an edge, that enough research […]
Financial Sector To Cut Credit Supply Lines For Oil And Gas Industry
Financial Sector To Cut Credit Supply Lines For Oil And Gas Industry More U.S. oil and gas companies could come under financial distress in the coming months as crucial hedging protection begins to expire. Many companies had locked in high prices for their oil sales last year, allowing them a degree of protection as oil […]
Trumping the Federal Debt Without Playing the Default Card
Trumping the Federal Debt Without Playing the Default Card By Ellen Brown, Web of Debt. “The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.” — Former Fed Chairman Alan Greenspan on Meet the Press, August 2011 In a post on “Sovereign […]
Can Kickers United—–Why It’s Getting Downright Hazardous Out There
Can Kickers United—–Why It’s Getting Downright Hazardous Out There It’s getting downright hazardous out there, and not just because the robo-machines were slamming the “sell” key today. The real danger comes from the loose assemblage of official institutions which claim to be running the world. They might better be referred to as “can kickers united.” It is now blindly obvious that they have lapsed into […]
Junk-Rated Offshore Drillers Headed into Bankruptcy: Fitch
Junk-Rated Offshore Drillers Headed into Bankruptcy: Fitch After fracking, offshore drilling. At the leading edge is rig-contractor Hercules Offshore. In March 2014, before the oil price collapsed, it had the temerity to sell for 100 cents on the dollar $300 million in junk bonds. Since then, its shares have collapsed to near zero. Its bonds […]
The Looming Bankruptcy Of Saudi Arabia
The Looming Bankruptcy Of Saudi Arabia There’s two interesting little stories in this idea that Saudi Arabia is going to go bust in a couple of years as a result of the sagging oil price. Both are more general economic ideas than just the story of that oil price. The first is that mono-anything in […]
New York Times Reports – “Fannie and Freddie are Back, Bigger and Badder Than Ever”
New York Times Reports – “Fannie and Freddie are Back, Bigger and Badder Than Ever” Just in case you still harbored any doubt that absolutely zero lessons were learned from the cataclysmic financial collapse of 2008/09. We learn from the New York Times that: AFTER the financial crisis of 2008, there was one thing that almost everyone agreed […]
Will the Oil Patch Bust Trigger Recession?
Will the Oil Patch Bust Trigger Recession? This seemingly inexhaustible credit line is now drying up, with severely negative consequences for oil producers with debt that’s coming due. Could the oil patch bust triggered by oil plummeting from $100/barrel to $50/barrel kick the U.S. into recession? Longtime correspondent B.C. recently observed: The question is whether the incipient […]
It’s Happening: Debt Is Tearing up the Fracking Revolution
It’s Happening: Debt Is Tearing up the Fracking Revolution The shares of Chesapeake Energy, second largest natural-gas driller in the US, crashed nearly 10% today, to $9.29, the lowest price since August 2003, down nearly 70% since oil began to plunge a year ago. The company’s $1.1 billion of 5.75% notes fell to an all-time low […]
The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis
The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis There has been so much attention on Greece in recent weeks, but the truth is that Greece represents only a very tiny fraction of an unprecedented global debt bomb which threatens to explode at any moment. As you are about […]
Seniors going bankrupt in soaring numbers
Seniors going bankrupt in soaring numbers More Canadians are outliving their savings and spending their golden years in debt Judy Southon never imagined it would come to this. She and her husband Vic had good jobs, raised a son and were homeowners. But after a run of bad luck, the 67-year-old wound up deep in debt and […]
Collapse, Part 1: Greece
Collapse, Part 1: Greece When systems are broke and broken, collapse is the only way forward. The theme this week is collapse. It’s a big, complex topic because there are as many types of collapse as there are systems. Some systems appear stable on the surface but collapse suddenly; others visibly decay for decades before finally […]
Wave of Defaults, Bankruptcies Spook Bond Investors
Wave of Defaults, Bankruptcies Spook Bond Investors First things first: Investor desperation for yield, any discernible yield no matter what the risks, and blind confidence that all this will work out somehow are waning. Now questions pop up here and there, and investors are beginning to open their eyes just a tad amid waves of […]
The Latest Casualty In Energy’s Hardest Hit Industry
The Latest Casualty In Energy’s Hardest Hit Industry Another coal company bites the dust. Again. Patriot Coal, a miner of coal in several Appalachian states, filed for Chapter 11 bankruptcy on May 12. Patriot said it is “in active negotiations for the sale of substantially all of the Company’s operating assets to a strategic partner.” The move […]
