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Dec

25

Energy Firms Forbes, Memorial Plan to Start 2017 With Bankruptcy

By Tony Seruga

Bonanza joins Forbes and Memorial on Friday to outline plans
About 24 listed companies have filed for bankruptcy in 2016

In the dying breaths of the year, the commodity price plunge claimed its latest victims as three energy companies outlined bankruptcy filing plans.

Forbes Energy Services Ltd., Bonanza Creek Energy Inc. and Memorial Production Partners LP will use the U.S. courts to restructure their borrowings, each said Friday in regulatory filings. Bonanza and Memorial will give current shareholders some recovery of their investments, while Forbes said it plans to allocate them nothing and cede control to senior bondholders…

Energy Firms Forbes, Memorial Plan to Start 2017 With Bankruptcy

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