Chapter 11 in the US should be OK. It is not like Voluntary admin in Aust. They will wipe out the Shareholders and Debt holders then recapitalise the company and keep going. Very efficient actually.
May slow down the exploration and new development though which is probably good for PSA as they don't have any cash.
Very annoying though that PSA management do not think this is material enough to put in their quarterly or Annual report. Would have though that the operator of your biggest producing asset going into Ch 11 is maybe worth letting shareholders know.
PSA Price at posting:
10.0¢ Sentiment: None Disclosure: Not Held
