Have you suffered losses investing in Warren Resources Bonds? If so, the securities attorneys of The White Law Group may be able to help you.
Warren Resources, an oil and gas producer that operates in California, Pennsylvania and southwestern Wyoming, filed for bankruptcy protection June 2nd, and has worked out a deal to transfer ownership of the company to two debt-holders: 82.5% of the company will now be owned by GSO Capital (owed $248 million), and the rest will go to Claren Road Asset Management (owed $57 million).
Warren, with about $230 million in assets and $545 million in debts, joins more than 80 North American oil and gas companies that have filed for bankruptcy protection since last year, according to law firm Haynes & Boones.
High-yield bonds—also called non-investment-grade bonds, speculative-grade bonds, or junk bonds—are bonds that are rated below investment grade, typically ‘BB’ or lower by Standard & Poor’s and ‘Ba’ or lower by Moody’s. They pay high yields to bondholders because the borrowers credit ratings are less than pristine, making it difficult for them to acquire capital at an inexpensive cost. Junk bonds carry an above average risk that the issuer will default on the bond. The increased risk makes them arguably unsuitable for many investors.
Specifically, The White Law Group is investigating potential claims involving the following Warren Resources offerings:
Warren Res 9% August 1, 2022
Warren Res 144 A 9% August 1, 2022
Warren Res Cv 12% December 31, 2022
Warren Res 144A Cv 12% December 31, 2020
Warren Res Cv 12% December 31, 2016
If you suffered losses investing in a Warren Resources offering and would like to speak to a securities attorney to discuss your litigation options, please call the securities attorneys of The White Law Group at 888-637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on the firm, visit www.WhiteSecuritiesLaw.com.