July 16, 2020 / 1:36 AM / a month ago

California Resources files for bankruptcy protection

July 15 (Reuters) - California Resources Corp filed for Chapter 11 bankruptcy protection on Wednesday after defaulting on certain interest payments following a slump in oil prices over the past few months.

The oil and gas producer reached an agreement for $1.1 billion debtor-in-possession financing package, which also refinances the company's current revolving loan facility. (Reporting by Arunima Kumar in Bengaluru; Editing by Sherry Jacob-Phillips)

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