California Resources files for bankruptcy protection

Credit: REUTERS/Lucy Nicholson

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)


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


More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.