$350 million of CLO collateral drips into default as oil companies file for Chapter 11

By Michelle D'souza

Monday, May 18, 2020

CLOs hold $353 million worth of debt of two oil and gas companies - Ultra Petroleum and Gavilan Resources - which have become the latest casulties of the precipituous decline in oil prices. The pair filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on Thursday and Saturday, respectively

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