Oasis Petroleum  (OAS) – Get Report shares slumped after the oil-and-gas fracking-services provider said it filed under Chapter 11 of U.S. bankruptcy law.

The stock recently traded at 21.67 cents, down 49%. It has lost 93% of its value this year.

“Due to historically low global energy demand and commodity prices, we determined that it is best for Oasis Petroleum to take decisive action to strengthen our liquidity and overcome the headwinds now challenging both our company and industry,” the Houston company’s chief executive, Thomas Nusz, said in a statement.

The company said it filed the Chapter 11 petition in U.S. Bankruptcy Court for the Southern District of Texas.

Oasis has entered a restructuring-support agreement with substantially all its lenders on its revolving-credit facility and holders of 52% of the face amount of its bonds regarding a comprehensive prepackaged restructuring, Oasis said in a statement.

Its lenders have committed $450 million of debtor-in-possession financing.

“Through this financial restructuring, Oasis Petroleum intends to reduce its total indebtedness by $1.8 billion, representing 100% of its senior unsecured notes and senior unsecured convertible notes,” it said. 

When it leaves Chapter 11, Oasis said, it expects to have $340 million of borrowings under its credit facility. 

It expects to complete an accelerated restructuring process and exit Chapter 11 in November, subject to the bankruptcy court’s approval.

Oasis Midstream Partners MLP  (OMP) – Get Report isn’t included in the bankruptcy proceedings.

The coronavirus pandemic and the plunge in energy demand and prices this year hammered most energy companies. 

A number of other energy companies have filed for protection from creditors in Chapter 11.

“We remain committed to the highest standards” related to “environmental stewardship, safety and operational excellence,” CEO Nusz said. 

“We expect to continue our operations as normal.” 

(Reuters) – U.S. casino operator Caesars Entertainment

agreed on Wednesday to buy British-based gambling group William Hill

for 2.9 billion pounds ($3.7 billion) to expand in the fast-growing U.S. sports-betting market.

Headquartered in London, William Hill was founded in 1934 as a postal and telephone betting service, and already has a U.S. partnership with the owner of Las Vegas’ Caesars Palace.

Following are some details on the latest addition to the Caesars brand:

** William Hill is Caesars’ exclusive sports book provider in the United States and Caesars has a 20% stake in the British company’s U.S. business

** After betting shops became legal in Britain in 1961, William Hill bought many businesses, driving major growth over the next decades, and currently operates 1,414 licensed betting offices in the country

** The UK accounts for roughly 61% of William Hill’s online revenues, while international markets make up 39%. While the COVID-19 pandemic has boosted online gambling, it has hurt the company overall

** William Hill has operated sports books in the United States, online and through retail outlets, since 2012, and is live in 13 U.S. states, with access to a total of 25 through its partnership with Caesars

** William Hill managed to offset regulatory pressure back at home amid a crackdown on gambling addictions, and has partnerships with CBS Sports and ESPN to cash in on the relaxation of U.S. sports betting rules

** William Hill has also been licensed to deliver online betting and gaming in Italy and Spain since 2011 and 2012 respectively, and a deal for Mr Green in 2019 expanded its European footprint

** Under the terms of the venture between Caesars and William Hill, Caesars has the right to terminate the partnership should William Hill be acquired by any parties mentioned in a

In one of the largest office deals in downtown Boston since the COVID-19 pandemic hit in March, investment firm Columbia Threadneedle said Tuesday that it has signed a new lease for its global headquarters in the Atlantic Wharf office tower on Atlantic Avenue.

a large body of water with a city in the background: Columbia Threadneedle plans to remain downtown, but will lease less space in a new building as more employees shift to working from home.

© David L. Ryan
Columbia Threadneedle plans to remain downtown, but will lease less space in a new building as more employees shift to working from home.

The asset management firm, which has about 500 Boston employees, will move there next year from 225 Franklin off Post Office Square, where it leases about 150,000 square feet. Its footprint at Atlantic Wharf will be smaller — two stories, which equates to about 82,000 square feet — part of a shift towards working from home and more flexibility that was in the works even before the pandemic.


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“Our new office at 290 Congress Street will provide our employees and our business with the kind of modern, engaging, and efficient space that will allow us to develop the optimal work environment for the future,” said Scott Couto, head of the company’s North American operations.

The move will happen in two phases next year, when Columbia Threadneedle’s lease at 225 Franklin expires. The company worked with real estate firm Cushman & Wakefield to scout a variety of options downtown, a process that was slowed somewhat by the pandemic, before settling on Atlantic Wharf, a 10-year-old building owned by giant landlord Boston Properties.

As at many white-collar downtown companies, most employees at Columbia Threadneedle have been working remotely since March and, for the most part, still are. A spokesman said the company plans to bring up to 25 percent of its employees back into the office this fall, with more gradually returning next year. Between commuting challenges, improved remote technology,

LONDON (Reuters) – The dollar edged up on Tuesday, still close to 2-month highs, as markets awaited the first debate between the U.S. presidential candidates, signs of progress in U.S. fiscal stimulus talks and economic data, including German inflation.

After racking up its biggest weekly gains since early April last week as markets turned cautious and sought safer assets, the dollar erased some losses on Monday and resumed gaining on Tuesday, ahead of the debate between President Donald Trump and Democratic challenger Joe Biden.

The 90-minute televised debate at 2100 ET (0100 GMT) will be closely watched by investors for signs as to how the market reacts to perceived victories by either candidate.

“We expect a Trump re-election to be USD-positive, although the non-negligible risk of a contested outcome (along with the ultra-dovish Fed) may keep the dollar’s upside somewhat capped in the run-in to the vote, even if Trump’s perceived chances rise,” wrote ING strategists in a note to clients.

But Commerzbank FX and EM analyst You-Na Park-Heger said that what will be decisive for the dollar is not the question of who will win the election but “whether Trump will accept the result in case of his defeat or whether there is going to be a longer period of uncertainty.”

“The debate is unlikely to provide any new insights in this respect and we therefore do not expect it to move EUR-USD in a major way,” she wrote.

At 0723, the dollar was at 94.265 against a basket of currencies, up 0.1% on the day <=USD>. It held steady during a quiet Asian session but picked up as European markets opened.

Equity markets opened lower, but riskier currencies held firm, with the New Zealand dollar steady at 0.656 versus the dollar

and the Australian dollar up 0.2% on