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.”
