Charles Gibbs Quoted by Reuters on Outlook for Oil Industry Bankruptcies
Charles Gibbs, a partner in the financial restructuring practice at Akin Gump, was quoted in the Reuters article “U.S. oil industry bankruptcy wave nears size of telecom bust,” which reports that the number of U.S. energy bankruptcies is approaching the 68 filings seen in the telecom industry during 2002 and 2003.
Making a prediction, Gibbs said the U.S. oil industry is not even halfway through its wave of bankruptcies. “I think we’ll see more filings in the second quarter than in the first quarter,” he said. Fifteen oil and gas companies filed for bankruptcy during that three month period, the article reports.