Exclusive: Callon Petroleum taps advisers for debt restructuring - sources [Reuters]
Callon Petroleum Company (CPE)
Last callon petroleum company earnings: 2/26 05:35 pm
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Source: Reuters
Exclusive: Callon Petroleum taps advisers for debt restructuring - sources (Reuters) - Oil and gas explorer Callon Petroleum Co ( CPE.N ) has hired advisers to restructure its more than $3 billion in debt after a plunge in energy prices soured its acquisition of a rival, people familiar with the matter said on Wednesday. Callon paid $740 million in stock to acquire Carrizo Oil & Gas Inc almost four months ago and assumed its $1.7 billion in debt obligations. While Callon’s debt does not come due until 2023, it is seeking to avoid a cash crunch amid falling revenue and dwindling financing options for energy producers. Callon is working with debt restructuring attorneys and is also retaining the services of an investment bank, the sources said, adding that a decision on a specific course of debt restructuring was not imminent. The sources requested anonymity because the matter is confidential. Callon did not respond to a request for comment. An oil price war between Saudi Arabia and R
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