World Economy

US Oil Firm Bankrupt

US Oil Firm BankruptUS Oil Firm Bankrupt

Breitburn Energy Partners LP and some of its units filed for restructuring under Chapter 11 of the US bankruptcy code on Monday, the latest company to face the brunt of low commodity prices, Reuters reported. The oil and gas master limited partnership said it secured a $75 million debtor-in-possession financing, in addition to cash from its operations and cash on hand, to fund its operations during the bankruptcy process. The company listed assets in the range of $1 billion to $10 billion, and liabilities of $1 billion to $10 billion.