Bakersfield · Business

Major Kern oil producer scores extension on major debt payments

Oil producer California Resources Corp., the large local employer that has struggled lately to keep up with its debt payments, said Thursday it has won more time to satisfy its biggest creditors.

After missing a payment deadline of 8:59 p.m. Tuesday and then declining to address the matter publicly, CRC said in a filing with the U.S. Securities & Exchange Commission that it now has until 8:59 p.m. next Tuesday to pay about $30 million in interest payments.

The Santa Clarita-based company said after the close of trading that some of its lenders had agreed Tuesday to extend the terms of their existing forbearance agreements with CRC, while others didn’t agree to an extension until Thursday.

Here’s more from John Cox at the Bakersfield Californian.

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