Melko Quoted in Law360 About Impending Wave of Oil Industry Bankruptcies

04 September 2019 Law 360 News

Partner John Melko was quoted in the Law360 article, “Oil Bankruptcy Fights Looms as Prime Lenders Get Squeezed,” about how the latest bankruptcy wave affecting the U.S. oil industry has creditors on edge due to depressed asset values. There have been 26 upstream oil and gas company bankruptcies since mid-August of this year, but the insolvencies are looking different as banks and other first-lien holders may be forced to take financial hits as oil prices and demand falls.

“I think what people are realizing now is that the lower level we're at is going to be with us for a while,” said Melko, who co-chairs Foley & Lardner LLP's bankruptcy practice and vice chairs its oil and gas industry team. “People are taking a hard-eyed, more realistic, maybe more pessimistic view of the market and pricing their debt and balance sheets accordingly.”

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