Oil Rig Sunset According to data compiled by Haynes and Boone, in just the first four months of 2016 there had already been double the amount of bankrupt energy debt than in all of 2015, with the total secured and unsecured defaults rising to $34 billion, double the $17 billion total for all of 2015. (Click to enlarge) We can now add two more major names succumbing to the Saudi onslaught against marginal shale producers, with Linn Energy announcing a prepackaged Chapter 11 deal, followed by Penn Virginia defaulting just hours later. In the first case, oil and gas producer Linn Energy LLC filed for chapter 11 bankruptcy after reaching a deal with lenders to restructure its $8.3 billion debt load and obtain $2.2 billion in fresh financing. In its bankruptcy filing press release, Linn announced that the holders of more than 66 percent of its credit facility have […]