Thread regarding California Resources Corporation layoffs

California Resources Corporation could file for bankruptcy this weekend (link)–wsj-2020-06-08

“ California Resources Corp. CRC, +34.32% could file for bankruptcy as soon as next week, according a report in The Wall Street Journal, as the oil driller disclosed Monday that it failed to make certain interest payments due on May 29. The company said in an 8-K filing that it entered into forbearance agreements most of its lenders, who have agreed not to exercise "remedies" under the credit agreements. The WSJ report said, citing people familiar with the matter, the company has until Sunday to get an extension from its creditors; without the extension, the company will file for bankruptcy. The company has suffered from a sharp selloff in crude oil futures CL00, -3.29% prices to start this year, as a result of the drop in demand from the COVID-19 pandemic and the price war between Saudia Arabia and Russia. Meanwhile, California Resources's stock rallied 35% on Monday after runnin up 34% on Friday, as oil prices have bounced sharply over the past several weeks. Still, The stock had tumbled 69.1% year to date, while crude oil futures have shed 37.4% and the S&P 500 SPX, +1.20% has eased 0.5%.”

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