Oil producer Connacher Oil and Gas Ltd. is facing being forced to repay $128.4 million loan after creditors filed a lawsuit this week in New York.
Oil producer Connacher Oil and Gas Ltd. is facing being forced to repay $128.4 million loan after creditors filed a lawsuit this week in New York. Connacher is not alone in using interest from debt investors to finance projects; many smaller producers did the same when oil was a $90 a barrel. With crude now more than half that price the investors are looking to get their money back. Moody’s says that if Connacher is forced to repay the loan immediately then it may struggle to stay in business without alternative financing. Read the full story.
