Angelo Gordon – Energy Credit Recovering But Expect More Bankruptcies This Year

According to the latest Oil Patch, Bankruptcy Monitor report from law firm Haynes and Boone LLP from January 2015 through October 31, 2017, US oil and gas producers filed 116 voluntary and involuntary bankruptcy petitions in the United States. These cases represent total secured and unsecured debt of approximately $78.1 billion with prepetition claims ranging from as little as $10,000 to more than $8.26 billion. Even though the oil price downturn began in 2014, the bulk of these claims (70%) fell in a 12 month period, between the fourth quarter of 2015 and Q4 2016, as liquidity dried up and…