Bakersfield · Business

Major Kern Co. oil producer emerges from bankruptcy

California Resources Corp., a major employer in Kern, marked the end of a three-month financial restructuring process by unveiling a new board of directors and announcing its new common shares will begin trading Wednesday on the New York Stock Exchange under the symbol “CRC.”

The Santa Clarita-based oil and gas producer said the restructuring that followed its Chapter 11 bankruptcy filing three months ago eliminates $4.4 billion in debt and gives the company a “borrowing base” of $1.2 billion, including $540 million in a type of loan agreement called a revolving credit facility.

As of Wednesday afternoon, it said, all previous shareholders’ stock “have been canceled and ceased to exist.”

Here’s more from The Bakersfield Californian.

The San Joaquin Valley Sun
Staff reports from The San Joaquin Valley Sun staff.