“Hedge funds and private equity groups armed with $60bn of ready cash are poised to snap up the assets of bankrupt US shale drillers, almost guaranteeing that America’s tight oil production will rebound as soon as prices start to recover. Mr Yergin said groups with deep pockets such as Blackstone and Carlyle will take over the infrastructure when the distressed assets are cheap enough, and bide their time until the oil cycle turns. Many shale bonds are trading at distress level below 50 cents on the dollar, even for mid-risk companies. Banks are being careful not to push them into receivership but they themselves are under pressure.”
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