COVID-19: World layoffs, May 17: Gavilan Resources, United Airlines, Sanchez Energy

COVID-19: World layoffs, May 17: Gavilan Resources, United Airlines, Sanchez Energy

Posted on 05/17/2020

Blackstone’s Gavilan Resources Files for Bankruptcy

Gavilan Resources LLC,

an oil-and-gas company formed by buyout firm Blackstone Group Inc.,

has filed for bankruptcy protection, a victim of the collapse in energy prices and a long-running commercial dispute with a rival Texas shale driller.

The Houston-based company

Friday night sought protection from creditors under chapter 11,

prompted by the “precipitous decline in oil prices from the combined effect of the Covid-19 pandemic and the flooding of oil markets by warring international producers,” namely Russia and Saudi Arabia,…

https://www.google.co.jp/amp/s/www.wsj.com/amp/articles/blackstones-gavilan-resources-files-for-bankruptcy-11589657414

Here are more layoffs tied to the economic impact of the Wuhan coronavirus (COVID-19) pandemic.

United Airlines

United Airlines Holdings Inc informed its employee base that it only has work for about 3,000 of its about 25,000 flight attendants in June 2020. United Airlines’ flight schedule is down by around 90%.

Workable

Boston-based Workable is a company that develops talent acquisition software. Workable terminated 25 employees, or roughly 9% of its employee base.

Footlocker

Foot retailer Footlocker, Inc. is terminating 187 employees the corporate office location in Wausau. The layoffs go into effect on July 15, 2020.

Gavilan Resources

Houston-based Gavilan Resources LLC, a company financially-owned by the Blackstone Group, filed for Chapter 11 bankruptcy in U.S.

Bankruptcy Court in Houston.

Gavilan Resources as formed after the US$ 2.3 billion acquisition of Texas shale oil properties in 2017.

Gavilan listed secured debt of more than US$ 550 million in its filing.

Gavilan and its investment partner

Sanchez Energy Corporation

are engaged in a lawsuit with each other over the development and ownership of the properties.

Gavilan and Sanchez Energy Corporation purchased 155,000 acres in Texas’ Eagle Ford Shale oil field from Anadarko Petroleum.

Sanchez Energy Corporation filed for Chapter 11 bankruptcy in 2019 over low oil prices and over US$ 2 billion in debt.

SWFI

https://www.swfinstitute.org/news/79723/swfi-daily-layoffs-briefing-may-17-2020