Distressed

Two more U.S. onshore operators, Linn Energy LLC and Penn Virginia Corp., have filed for Chapter 11 protection this week as the commodity price rout continues to claim more victims.

The U.S. distressed debt ratio reached a peak for the year at 24.5% in December — its highest since the 2009 recession — and the oil and gas sector accounted for about 30% of the debt issuers, according to a report by Standard & Poor’s Ratings Services (S&P).

Private equity opportunists buying distressed U.S. natural gas assets helped to sustain merger and acquisition (M&A) activity in the U.S. oil and gas sector in the first three months of this year, according to PwC US.

Private equity opportunists that took a chance on distressed U.S. natural gas assets helped to sustain merger and acquisition (M&A) activity in the U.S. oil and gas sector in the first three months of this year, according to PwC US.

Dash any rumors that BP plc is stalking cash-distressed independents. Now’s not the time, CEO Tony Hayward said last week.

Dash any rumors that BP plc is stalking cash-distressed independents. Now’s not the time, CEO Tony Hayward said on Tuesday.

Harbert Distressed Investment Master Fund Ltd., the largest stockholder of NorthWestern Corp., has hired Lehman Brothers and the law firm of Milbank, Tweed, Hadley & McCloy LLP to advise it on the feasibility of a proposal by a coalition of municipal entities called Montana Public Power Inc. (MPPI) to buy NorthWestern.

Main Street AC Inc., which is offering cash to purchase up to 4.9% of the shares in four financially distressed energy merchants, last week reportedly wired funds to complete a payment for some Dynegy Inc. shares tendered electronically between Aug. 28 and Sept. 9. The San Diego, CA-based company did not indicate how many of Dynegy’s shares were tendered, but it had offered the company’s stockholders $2.88 per share.