A US oil and gas producer has filed for Chapter 11 bankruptcy protection as the low oil price continues.
Magnum Hunter said it expects to emerge from bankruptcy in April next year.
The company entered into a restructuring agreement that will convert its funded debt into equity, substantially reducing its more than $1 billion in debt.
Gary Evans, the company’s chief executive officer, said:”With the unified support of our various lenders, we anticipate this restructuring will be a success and unprecedented in our industry.”
Magnum Hunter operates primarily in the Appalachian Basin in West Virginia and Ohio.