Extraction Oil & Gas (XOG) has announced that it has voluntarily filed for petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. Shares are now falling 30% in Monday’s pre-market trading.“After months of liability management and careful analysis of our strategic options, we determined that a voluntary chapter 11 filing with key creditor support provides the best possible outcome for Extraction,” said Extraction CEO Matt Owens.At the same time, XOG revealed that it has obtained a committed $125 million debtor-in-possession financing facility, with $50 million in new money, …read more
Source:: Yahoo Finance
