The U.S. energy industry has asked the Federal Reserve to change the terms of a $600 billion lending facility so that oil and gas companies can use the funds to repay their ballooning debts, according to a letter seen by Reuters.
FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File Photo
The terms of that and other federal assistance schemes are under growing scrutiny amid worries that insufficient conditions are being placed on borrowers and banks may dish out funds to companies without the greatest need for the cash. Lee Fuller, executive vice president of IPAA, told Reuters the organization wanted to ensure that the oil and gas industry got fair access to the federal resources.
Whiting Petroleum Corp was the first casualty among publicly traded producers, filing for bankruptcy protection on April 1. Other companies have also hired restructuring advisers.
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