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Actionable news in CHK: CHESAPEAKE ENERGY Corp,

Oil Bankruptcies Leave Lenders With ‘Catastrophic’ Recovery Rate

  • Rate of 21% in 2015 compares to average of 59% previously
  • Bankruptcies so far this year are double last year’s total

U.S. oil bankruptcies haven’t been this “catastrophic” for lenders in a long time, in what may be the worst bust of any industry this century, according to Moody’s Investors Service.

Creditors are recovering an average 21 percent of what they lent, compared with about 59 percent in past decades, the credit-rating agency said Monday in a report that looks into lending to 15 exploration and production companies that filed for bankruptcy protection in...


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