This article focuses on the mounting wave of oil and gas industry bankruptcies, including the recent chapter 11 filings of Dune Energy, Inc., Endeavour Operating Corp., Cal Dive International, Inc. and Quicksilver Resources, Inc. As U.S. oil prices plunged to below $50 a barrel, an over 50 percent decrease as compared to prices a year ago, numerous oil and gas firms, particularly within the upstream and oil field services sectors, were forced to seek protection under chapter 11 of the Bankruptcy Code. Struggling oil and gas companies cite an overall industry slowdown coupled with difficulties in obtaining financing as common precipitating factors to seeking bankruptcy relief.
Dune Energy
On March 9, 2015, Dune Energy, Inc. and its two wholly owned subsidiaries, Dune Operating Company and Dune Properties, Inc., filed petitions for relief under chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Western District of Texas.
