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California Resources Files for Bankruptcy

TheMotleyFool

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California Resources Files for BankruptcyPhoto, wide shot, wide-angle lens, Coal company, neutral atmosphere, photo by Galina Stepanova: https://img.theapi.app/temp/0e838f13-fa33-4583-92e9-bf3375dacf70.png

California Resources (NYSE: CRC) became the latest oil and gas producer to file for Chapter 11 bankruptcy. The long-rumored and widely expected move will enable the company to further reduce its debt, which became an overwhelming burden following this year's crash in crude prices.

California Resources and its key creditors have already agreed to a comprehensive balance street restructuring. The agreement will allow it to finally address the burdensome debt situation that it inherited following its spinoff from Occidental Petroleum (NYSE: OXY) in late 2014. The pre-arranged deal with certain creditors will:

Image source: Getty Images.

Source Fool.com

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