il and natural gas producer Penn Virginia Corp. said today that it had filed for bankruptcy protection, the latest company to fall victim to the oil price rout, Reuters reported. Dozens of U.S. shale companies have sought bankruptcy protection in recent months as a near-60 percent slump in oil prices since mid-2014 erodes cash flows. Penn Virginia said its restructuring was supported by 86 percent of its senior noteholders and all of its bank lenders, and would reduce its long-term debt by more than $1 billion. As of March 31, the company had total debt of $1.22 billion, according to a regulatory filing. Penn Virginia said it expected to emerge from bankruptcy protection by the end of the summer. The company said it expected to receive $25 million in debtor-in-possession financing subject to court approval. Penn Virginia said it had also received a commitment for up to $128 million in exit financing and a $50 million rights offering that is backed by some senior unsecured noteholders.
