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CRCQQ - California Resources Bankruptcy Is A Very Unusual Ch.11 Bankruptcy Case
California Resources Corporation
The Ch.11 bankruptcy of California Resources Corp. (CRCQQ) is becoming an interesting bankruptcy case study. The original RSA was significantly changed only about a week after it was announced. First-priority lien debt holders are getting the same recovery as unsecured noteholders. While the largest oil producer in California was hit hard by lower energy prices and having too much debt, it hopes to emerge a stronger, more viable company after eliminating over $5 billion in debt and raising new capital via a $450 million rights offer.