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Unit Corporation files for bankruptcy

Christian Fernsby ▼ | May 28, 2020
The Unit Corporation has filed for bankruptcy after acquiring debt of more than $650 million thereby becoming the third oil and gas exploration and production company in the United States to become a casualty to the measures implemented to fight the novel coronavirus pandemic.
Unit Corporation
Bankruptcy   Unit Corporation
"Like many companies in the oil and gas industry, we have felt the impact of the severe downturn in commodity prices, which has only worsened with the coronavirus pandemic", Unit Corporation President and CEO David Merrill said in the statement.

Topics: Unit Corporation bankruptcy

Merrill emphasized the need for the company to seek Chapter 11 bankruptcy protection to fund "debt obligations (of) more than $650 million and right-size the company's balance sheet for go-forward operations".

Merrill added that he expected Unit Corporation to emerge from the process "with a $180 million exit financing facility".

Unit Corporation said in the statement that it expected to continue operating regularly through the Chapter 11 bankruptcy process without material disruption to its vendors, customers, or partners.