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Niobrara-Focused Extraction Oil & Gas Files for Bankruptcy
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Extraction Oil & Gas after having missed its May 15, 2020 bond payment has decided to file chapter 11 bankruptcy. Ths company has ~$1.5 billion in debt and has been serverly distressed. The company had $221 million which was coming due in 2021. (see chart below)
- May 18, 2020: DJ Basin E&P Missed Interest Payment
- May 13, 2020: Extraction Borrowing base was cut, the company drew down the remaining cash on its credit facility and hired advisors.
Debt Maturity Schedule
Source : Extraction OIl & Gas Investor Presentation via Presentation Manager
This has come as no surprise as we saw the company adjusting retention compensation plans for executives last week. This has been seen as sign of an impending filing. Whiting who filed for bankruptcy earlier this year, deployed the same strategy before they themselves filed for bankruptcy.
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