![Extraction Oil & Gas files for Chapter 11 bankruptcy after executive payouts](https://cdn.energydais.com/media/images/news/426_jh0imDu.jpeg)
Fetching News Details
Colorado’s oil major, Extraction Oil and Gas has filed for Chapter 11 bankruptcy after executive and managerial pay out. The firm was totally saddled with the lingering $1.7 billion long-term debt and had been struggling to stay. Extraction has secured a $125 million financing plan that would offer $50 million in new money post approval from the U.S. Bankruptcy Court.