OPEC’s deal to cut oil production isn’t likely to save investors in troubled U.S. producers from seeing their stakes vanish in chapter 11, according to restructuring experts. A surprise move by the Organization of the Petroleum Exporting Countries to cut crude production by 1.2 million barrels a day, or more than 1% of global output, has energy companies and their investors cheering. But lawyers and advisers say that crude’s recent price rally, and the expectation it will continue in 2017, may have come too late for distressed oil and gas outfits that are already in chapter 11, or poised to file for bankruptcy with restructuring deals that were months in the making. “You need a lot more of this to repair the cumulative impact of low oil prices,” said Steve Strom, chief executive of investment bank Blackhill Partners. Energy XXI Ltd., an oil and gas explorer on the cusp […]