January 2, 2019 / 1:18 PM / 14 days ago

Parker Drilling cites oil slump in urging approval of bankruptcy loan

Bankrupt oil services company Parker Drilling Co on Sunday said the prospect of the first annual drop in oil prices in three years made it imperative that it receive court approval of a loan of up to $50 million.

Parker’s need for the debtor-in-possession credit package is “particularly urgent due to the recent volatility in the oil & natural gas markets,” the company’s financial advisor, David Cunningham of Moelis & Co LLC, said in a filing in U.S. Bankruptcy Court in Houston.

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