Energy Company Penn Virginia Files For Bankruptcy Amid Oil Slump

Energy producer Penn Virginia Corp. filed for chapter 11 bankruptcy protection Thursday, in the latest oil-patch bankruptcy driven by sustained low energy prices, The Wall Street Journal reports.

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A Dallas judge ruled that former billionaire Sam Wyly committed tax fraud by shielding more than $1 billion in family wealth in offshore trusts, WSJ reports.

Oil and gas producer Linn Energy filed for chapter 11 bankruptcy Wednesday after reaching a deal with lenders to restructure its $8.3 billion debt load and obtain $2.2 billion in fresh financing, WSJ reports.

The debate over a Depression-era law that bondholders have recently used to challenge debt restructurings goes before an appellate court Thursday in a closely watched case that may have wide implications for troubled businesses, WSJ reports.

India’s Parliament has passed a bankruptcy law that promises to make it easier to wind up a failing business and recover debts in Asia’s third-largest economy, WSJ reports.

The nation’s busiest ports are emerging as a key battleground in the legal fight over whether truck drivers should be counted as employees or independent contractors—a dispute that has prompted several trucking companies to filed for bankruptcy, WSJ reports.

The bankrupt Chaparral Energy Inc. is “very close” to a restructuring deal that will wipe $1.2 billion in debt from its balance sheet, WSJ reports.

An Emory University law professor is pushing for bankruptcy judges to interpret ambiguous wording in federal law so that struggling student loan borrowers would have an easier time leaving that debt behind in bankruptcy.

Write to Katy Stech at [email protected]. Follow her on Twitter at @katystech