WBH ENERGY NEEDS BANKRUPTCY ATTORNEY

WBH Energy needs bankruptcy attorney. A recent story on this very blog by your Broward County Bankruptcy lawyer featured the worry of experts about the falling price of oil. It appears those fears are coming home to roost. The day of reckoning for the oil industry has appeared to arrive. WBH Energy needed the assistance of a bankruptcy lawyer. The company needed more money to pay its debts. A lender refused the company’s request for additional funding. This left the company with little choice. The company was forced to file a bankruptcy case. The company has cited debt of between $10 and $50 million. Experts fear this is the first shoe to drop. When the energy market was booming, companies in the industry borrowed money to pay for the expansion in drilling. That worked out fine when the price of oil was rising. As most people know, the price of oil has been dropping like a rock. That is great for consumers. Not so great for oil companies that borrowed money based on the price of oil rising to pay back the debt. The Wall Street Journal recently reported on this very disturbing trend. Per the Journal, American oil and gas companies have gone into deep debt since 2010. Their borrowing costs have increased by 55 percent. The Journal estimates there is over $200 billion debt by American oil and gas companies. As the price of oil continues to go down, this cannot end well for these companies. Bankruptcy attorneys figure to be very busy in the coming months. WBH Energy was the first to visit a bankruptcy lawyer. Based on the debts owed by these companies. Based on the falling price they can get for their product, oil. One does not need to be a math major to see what is likely. More and more oil and gas companies will need to visit a bankruptcy lawyer.