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California Resources (CRC +52%) skipped an interest payment to lenders and could file for bankruptcy as soon as next week, WSJ reports.
Shares are higher after California Resources said earlier today that it entered into an agreement with a majority of its senior lenders to wait until Sunday before they can declare a default, but according to the report, the company will file for bankruptcy by this weekend if it fails to obtain another extension.
The company generated $2.6B of revenue in 2019 and finished the year with ~1,250 employees.
Shares are higher after California Resources said earlier today that it entered into an agreement with a majority of its senior lenders to wait until Sunday before they can declare a default, but according to the report, the company will file for bankruptcy by this weekend if it fails to obtain another extension.
The company generated $2.6B of revenue in 2019 and finished the year with ~1,250 employees.