Draw First, Ask Questions Later: Why Oil and Gas Companies are Fully Tapping Their Revolvers Before Restructuring |
| February 17, 2016 | February 2016 Bond Updates |
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With capital markets tightening and oil still below $30 a barrel in spite of the deal announced between Qatar, Russia, Saudi Arabia and Venezuela today to freeze oil output at current levels, a growing number of increasingly distressed oil and gas companies are fully drawing the remaining availability of their outstanding revolving credit facilities - often in the hundreds of millions of dollars - to provide themselves with options in an impending financial restructuring. |
| View more at: http://www.forbes.com/sites/maxfrumes/2016/02/16/draw-first-ask-questions-later-why-oil-and-gas-companies-are-fully-tapping-their-revolvers-before-restructuring/ |
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