Implode-o-Meter News - Great American Oil Bust Rages on; Defaults, Bankruptcies Soar

The trailing 12-month US high-yield bond default rate jumped to 4.9% at the end of June, the highest since May 2010 as the Financial Crisis was winding down, Fitch Ratings reported today. The first-half total of $50.2 billion of defaults already exceeds the $48.3 billion for the entire year 2015.
Energy companies accounted for 56% of those defaults. The energy sector default rate shot up to 15%. Within it, the default rate of the Exploration & Production (E&P) sub-sector soared to 29%!
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Between E&P and Oilfield Services companies, the Great American Oil Bust has now generated a combined 157 bankruptcies involving $73 billion in debt, much of it unsecured and by now mostly evaporated.

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Great American Oil Bust Rages on; Defaults, Bankruptcies Soar