(Reuters) - Bonanza Creek Energy Inc (BCEI.N) and two other energy firms announced on Friday plans to file for bankruptcy in coming weeks, joining a long list of U.S. energy companies that have succumbed to a drop in oil prices.

Oil and gas producers Bonanza Creek and Memorial Production Partners LP MEMP.O and oilfield services provider Forbes Energy Services Ltd FESL.PK each said they had a plan to reduce debt and transfer ownership to creditors.

Global oil prices LCOc1 have fallen more than 50 percent since mid-2014, eroding cash flows of oil producers and crimping their ability to meet debt and interest payments.

As of Dec. 14, 114 oil and gas producers had filed for bankruptcy in 2016 with $57 billion in total debt, more than double the number of filings in 2015, according to Haynes & Boone, a law firm that specializes in energy restructuring.

Among companies like Forbes that provide well-site services to energy exploration firms, 110 had filed for Chapter 11 protection with $17 billion of debt as of Dec. 14, also more than double the 2015 number, according to Haynes & Boone.

Looking ahead to next year, restructuring advisers said they expect more energy-related bankruptcy filings, as the sector prepares for an upturn that could follow implementation of President-elect Donald Trump’s pro-drilling agenda or OPEC’s plan to cut oil production for the first time in eight years.

Denver-based Bonanza Creek, with oil and natural gas assets in Colorado and Arkansas, said it would file for bankruptcy on or before Jan. 5 with a plan to eliminate $850 million in debt and provide $200 million in new equity.

The company said it expects to exit bankruptcy in the first quarter of 2017. Bonanza Creek’s shares slid 55 percent to $0.88 in morning trade.

Memorial Production, with oil and gas assets in Texas, Louisiana, Colorado and California, said it would file for Chapter 11 in coming weeks with a plan to eliminate $1.3 billion of debt. Its shares were down 55 percent to $0.18.

Meanwhile, Forbes Energy said it had reached a prepackaged plan with lenders and would file for bankruptcy in Houston on or before Jan. 23, 2017. Its shares lost 6.3 percent to $0.04 in over-the-counter trading on Friday.

Earlier this month, Stone Energy Corp SGY.N filed for Chapter 11 bankruptcy and said it would eliminate about $1.2 billion in debt by transferring control of the company to its noteholders.</s>Dec 23 (Reuters) - Oil and gas producer Bonanza Creek Energy said it would file for bankruptcy on or before Jan. 5, joining a long list of energy companies that have succumbed to a drop in oil prices.

The Denver-based company said bondholders would eliminate $850 million in debt and that some would provide $200 million in new equity.

Bonanza Creek's shares were down 47.5 percent at $1.01 before the opening bell on Friday.

Global oil prices have fallen more than 50 percent since mid-2014, eroding cash flows of oil producers and crimping their ability to meet debt and interest payments.

Earlier this month, Stone Energy Corp filed for Chapter 11 bankruptcy and said it would eliminate about $1.2 billion in debt by transferring control of the company to its noteholders. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Ted Kerr)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.</s>(Wyoming) - The plummeting prices of oil and gas has led to layoffs and financial crisis for many Wyoming families. Some are struggling to make their next house payment, while others are increasing their credit card debt to pay for monthly bills and food. In all, many families are in trying times right now and filing for bankruptcy might be the answer for financial relief.



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"We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code."</s>Saul Hopes For A Better 2017 For Atletico

Atletico Madrid made it to the last-16 of the Copa del Rey and midfielder Saul is hoping they get a better 2017.

Atletico made light work of Guijuelo, claiming a 4-1 victory to win the last 32 encounter 10-1 on aggregate.

The comprehensive victory ends Atletico’s 2016 in a fine form, as they made it to the final of the UCL this same year.

Reflecting on 2016, Saul said: “We could have won some titles that we fought for, but it’s been a very good year for us.

Atletico are sixth in the La Liga standings, six points adrift of second-placed Barca and nine behind leaders Real Madrid.

Saul and Atletico will resume their season against Eibar on January 7.

The post Saul Hopes For A Better 2017 For Atletico appeared first on 360Nobs.com.

This post was syndicated from 360Nobs.com. Click here to read the full text on the original website.

Also, Like us on facebook</s>Wracked by instability in Ukraine, a private energy giant owned by one of the Eastern European county’s wealthiest men is seeking a U.S. bankruptcy court’s assistance to execute a debt restructuring scheme developed overseas.

An affiliate of DTEK BV, Ukraine’s largest privately held energy company, filed papers in the U.S. Bankruptcy Court in New York Friday seeking protection under Chapter 15 of the bankruptcy code, which covers...
Bonanza Creek Energy says it plans to file for bankruptcy on or by January 5, 2017 and hopes to exit the process quickly, within the first quarter.