The global financial crisis and the fall in oil prices has hit many American oil and gas companies.

American Corporation California Resources, the largest oil company of California, filed for bankruptcy, said in a statement.

Such measures the company went from crisis to planned debt restructuring, mainly associated with the separation from Occidental Petroleum Corp.

Reportedly, the group of creditors has agreed to provide the company financing of $1.1 billion to help it survive bankruptcy. Lenders also support the proposal to issue shares in the amount of $450 million and a loan of $200 million to facilitate the company’s exit from bankruptcy.

Note, this is not the first energy company in the U.S., went to this step. Previously declared bankruptcy, the American manufacturer of shale oil and gas Extraction Oil & Gas. In early April, the bankruptcy petition was filed by Whiting Petroleum, one of the largest companies conducting operations on hydraulic fracturing.

California Resources is mainly engaged in traditional oil and gas production, although it also owns and shale areas. In 2019 it reported revenues of $2.6 billion.

Recall, from mid-March to mid-June, oil production in the US fell by 20%, then slightly increased and stabilized at the level of 11 million barrels per day.

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