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pump jack is seen at sunrise near Bakersfield
Thomson Reuters
By Tom Hals and Tracy Rucinski
(Reuters) – After two years of hunkering down, struggling U.S.
oilfield service providers are preparing for an expected
oil-price recovery in an unexpected way: filing for bankruptcy.
Companies that drill wells, haul water and provide other services
to energy exploration firms have been waiting out a slump in oil
prices by idling machinery, laying off workers and extending
deadlines for repaying debts.
Now they are turning to Chapter 11 creditor protection to shed
debt and raise cash so they can spend and invest again.
Without bankruptcy, many of…
Read the full article at: http://www.businessinsider.com/r-eyeing-upswing-more-us-oilfield-service-firms-restructure-2016-12