Erez Law is currently investigating brokers registered at brokerage firms across the country who recommended their clients invest in Oasis Petroleum. In September 2020, Oasis Petroleum filed for Chapter 11 bankruptcy, allowing the oil company to continue its operations while reducing its debt.
In November 2020, Oasis Petroleum Inc. completed its financial restructuring and emerged from Chapter 11, restructuring its balance sheet and reducing its prepetition debt by $1.8 billion. According to the press release, “Oasis’ new capital structure includes a new $575 million reserve-based revolving credit facility (“New RBL Facility”) maturing in May 2024.” Also, the United States Bankruptcy Court for the Southern District of Texas confirmed its “pre-packaged” restructuring plan to strengthen the Company’s balance sheet and reduce its prepetition funded debt by $1.8 billion, according to the press release.
According to the press release, “Oasis Midstream Partners (NASDAQ: OMP), an independent legal entity operated as a Master Limited Partnership, and all subsidiaries in which it owns an equity interest are not included in Oasis Petroleum’s Chapter 11 proceedings. Oasis Midstream Partners continues to operate as normal.”
Oasis Petroleum pursued these restructuring arrangements in light of “a volatile market environment that drove a severe downturn in oil and gas prices, as well as the unprecedented impact of the COVID-19 pandemic,” according to the press release.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, brokerage firms across the country may be liable for investment or other losses suffered by its customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.