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California Resources files for bankruptcy protection

Credit: REUTERS/Lucy Nicholson

California Resources Corp filed for Chapter 11 bankruptcy protection on Wednesday after defaulting on certain interest payments following a slump in oil prices over the past few months.

July 15 (Reuters) - California Resources Corp CRC.N filed for Chapter 11 bankruptcy protection on Wednesday after defaulting on certain interest payments following a slump in oil prices over the past few months.

The oil and gas producer reached an agreement for $1.1 billion debtor-in-possession financing package, which also refinances the company's current revolving loan facility.

(Reporting by Arunima Kumar in Bengaluru; Editing by Sherry Jacob-Phillips)

((Arunima.Kumar@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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