Permian Oil Driller Rosehill Files for Bankruptcy Protection
- Company has $17.5 million debtor-in-possession loan facility
- At least 27 other U.S. energy companies have filed this year
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Rosehill Resources Inc. filed for bankruptcy protection after a plunge in oil prices forced the Permian shale explorer to seek a restructuring of its debt.
The company filed for Chapter 11 in U.S. Bankruptcy Court in South Texas. Rosehill said Monday in a statement that common shareholders will be wiped out. It has a $17.5 million secured debtor-in-possession loan facility and expects to continue operating during bankruptcy proceedings “without material disruption.”