Oil Patch Bankruptcies Hit $34.3 Billion

The number of oil patch bankruptcies continues to rise, and the number of companies filing for creditor protection is accelerating, that’s according to according to law firm Haynes and Boone LP’s May Oil Patch Bankruptcy Monitor. ValueWalk has followed the trends in Haynes and Boone’s Oil Patch Bankruptcy Monitor closely since its inception last year. Up until April of this year, the number of oil patch bankruptcies was growing steadily but seemed to be manageable. Indeed, between last November and March this year, 15 firms collapsed owing a total of $4.4 billion in both secured and unsecured debt. Oil Patch Bankruptcies Total $13.1…