“Oil Drillers Are Going To Die” In Q2, Conway Mackenzie Warns “Expect Outright Liquidations”

Saturday, January 24, 2015
By Paul Martin

by Tyler Durden
ZeroHedge.com
01/24/2015

“The second quarter is going to be devastating for the service companies,” warns Conway Mackenzie – the largest U.S. restructuring firm – adding that, despite slashing thousands of jobs, delaying (or scrapping) billions in capex amid the prolonged rout in oil prices, “there are >certainly companies that are going to die.” As Bloomberg reports, oil drillers will begin collapsing under the weight of lower crude prices during the second quarter and energy explorers who employ them will shortly follow with oilfield-service providers are facing a “double-whammy.” As we noted here, there are more than a few candidates for this ‘death’ list as it appears increasingly clear that what was considered an “unambiguously good” narrative for the nation is anything but…

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