HOUSTON (Reuters) – Chapter filings by U.S. power producers thus far this 12 months have already almost matched the entire for the entire of 2018, regulation agency Haynes & Boone reported on Wednesday, as risky oil and gasoline costs drive corporations to hunt safety from collectors.
A complete of 26 companies with money owed totaling $10.96 billion have filed for courtroom restructuring by way of mid-August, in response to the regulation agency’s report.
Final 12 months, 28 corporations filed for chapter, itemizing $13.2 billion in debt, whereas 24 companies sought safety in 2017 with $8.5 billion in debt.
“To date this 12 months there was an uptick within the variety of filings,” Haynes & Boone mentioned, noting 20 of the filings have been since Could.
By most of 2019, U.S. mild, candy crude oil has been caught within the $50-range on the New York Mercantile Alternate, ending on Wednesday at $55.23. West Texas Intermediate averaged $65.06 a barrel final 12 months. Pure gasoline costs even have fallen so low in some locations that some…