Oil Company Run By Forbes 30-Under-30 Winner Files For Chapter 11 Bankruptcy

  • 📰 Forbes
  • ⏱ Reading Time:
  • 44 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 53%

Australia News News

Australia Australia Latest News,Australia Australia Headlines

An oil company run by ForbesUnder30 winner Matthew Owens has filed for Chapter 11 bankruptcy

Owens continues to accumulate valuable experience. He has already negotiated $125 million of debtor-in-possession financing with primary creditor Wells Fargo, and a debt-for-equity swap that will enable deleveraging.

It’s unclear whether there will be any value left for current holders of common stock, led by various Yorktown Partners funds, with about 40%. In keeping with recent bizarre trading patterns in insolvent issues, over the past two weeks Extraction shares have jumped from 28 cents, up to $1.42 a week ago, and are now down to 56 cents.

Whether Owens survives the restructuring is yet to be seen. A spokesman for Extraction did not reply to an email request this morning. The oil industry is full of second, third and fourth acts . And although investors may ultimately lose money on Extraction, Owens has done well for himself — the company this year announced $6.7 million in retention bonuses for 16 executives.

In terms of debt load, Extraction now becomes one of the biggest oilpatch bankruptcies so far this year. Other big ones, according to the

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 394. in AU
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Money is everything 3

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

One of the world's biggest energy firms cut its 30-year forecast for oil prices by 27% as coronavirus turns the industry on its headOil major British Petroleum has downgraded its 30-year oil forecast by 27% on Monday. It now expects oil prices to average around $55 per barrel... BREAKING :- 18 earthquake in 24 Hours near Gujarat in India... earthquakeingujarat
Source: BusinessInsider - 🏆 729. / 51 Read more »