OAS had been in the hole for a long time, so Ch. 11 filing was fully expected. That said, managements of most US companies are dishonest with their shareholders about their companies' performance, lying repeatedly. Most earnings reports and calls are hogwash even though chock full of standard disclaimers and boilerplates that are meant to protect the C-suite from litigation. They treat these companies' balance sheet as their own private piggy banks, stuffing it silly with debt that most of them could never repay.
Oasis knew this was coming from even before the Covid induced crash in March. Who on earth will refinance shale company debt, after the absolute disasters of Chesapeake and Sandridge?? And its not over until the fat lady sings........ probably middle of next year.
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