May 18, 2020
Source: Reuters

Blackstone's Gavilan Resources files for Chapter 11 bankruptcy

Gavilan Resources LLC, formed by buyout firm Blackstone Group Inc., has filed for bankruptcy protection, a victim of the collapse in energy prices and a long-running commercial dispute with a rival Texas shale driller. They sought protection from creditors under chapter 11, owing to the slump in oil prices due to the Coronavirus pandemic. That rebound in prices proved to be too late for the firm.

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