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US oil patch collapse intensifies

THE rout in crude prices risks turning into one of the biggest corporate collapses in American history, with 69 oil and gas companies now bankrupt amid warnings that the US oil patch is not even halfway through its wave of bankruptcies, with the sector now eclipsing the US telecom bust of the early 2000s.

Haydn Black

Law firm Haynes & Boone, which keeps track of US energy bankruptcies, says the number of US companies at the point of collapse has now exceeded the 68 filings seen during the depths of the telecommunications...

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