Bix Weir – Rumors of bank failures around the world are absolutely true…and they are very, very contagious!
US Banks were told by the Fed NOT to mark to market their energy assets and not to cause any disruption in the oil and gas sector by pulling lines of credit or forcing companies into bankruptcy. All well and good if all they needed was to get past the 4th quarter 2015 but now things have not improved – they have only gotten worse and the spotlight is on the write downs for the 1st quarter 2016.
Chesapeake Energy Craters 40% on Restructuring Report
Chesapeake Energy Corp., the U.S. natural gas driller that’s been slashing jobs and investor payouts to conserve dwindling cash flows, lost more than a third of its value after a report that it hired a restructuring law firm.