Top Business News Today- US-based oil manufacturing company Unit Corporation said that it had applied for bankruptcy.
The company took a loan of $ 65 million to deal with the Coronavirus crisis. Earlier, two more US oil and gas generating companies had also filed for bankruptcy.
⇛David Miller, CEO of the company, said Current Busines news update that the oil and gas industry's steep decline in the commodity and the Corona epidemic has made the crisis even bigger. The company needs Chapter 11 insolvency protection to repay its debt of over 65 million dollars and to remain in operation and to correct the balance sheet.
⇛In the last two months, Whiting Petroleum and Diamond Offshore have also applied for bankruptcy. Both companies had to apply for bankruptcy due to the steps taken to deal with the coronavirus epidemic.
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