Oasis Petroleum Files For Bankruptcy; Stock Sinks 14% [Yahoo! Finance News]
Oasis Petroleum Inc. (OAS)
Last oasis petroleum inc. earnings: 2/25 05:28 pm
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Source: Yahoo! Finance News
Shares of Oasis Petroleum are down another 14% in Thursday's pre-market trading after plunging 31.6% yesterday, as the company filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. As part of the the bankruptcy proceedings, Oasis is working on a plan with creditors to reduce its debt by $1.8 billion and strengthen its balance sheet. The energy company expects to emerge from bankruptcy in November, subject to court approval.Oasis (OAS) said that it “has received a commitment for $450 million in debtor-in-possession financing from its existing lenders,” which is expected to provide sufficient liquidity to maintain operations. The company will have about $340 million of borrowings under its credit facility.The company said “In light of a volatile market environment that drove a severe downturn in oil and gas prices, as well as the unprecedented impact of the COVID-19 pandemic, Oasis Petroleum engaged with its lenders and an ad hoc committee of noteholders
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