SAMSON's Bankruptcy, PESO-USD: DEVALUATION Continues in AUGI guess you missed it but Samson Resources will file for bankruptcy by September according to the Company. Samson Resources is a BIG producer but it is loaded with DEBT.
I told you again and again, stick to the DEBT-FREE companies.
https://www.marketwatch.com/story/kkrs-samson-resources-plans-to-file-for-bankruptcy-by-mid-september-2015-08-14
KKR & Co.’s Samson Resources Corp. plans to file for chapter 11 bankruptcy protection by mid-September after finalizing a restructuring plan with key creditors Friday, according to people familiar with the matter.
The Tulsa, Okla.-based oil and gas producer agreed to hand ownership to its lenders in bankruptcy, a move that would wipe out the roughly $4.1 billion investment of KKR and its partners in the buyout, the people said. The private-equity firm led a $7.2 billion leveraged buyout of Samson in 2011, the biggest-ever such deal for an oil and gas producer.
Samson’s board approved the restructuring agreement Friday afternoon, one of the people said.
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The devaluation of the Colombian PESO versus USD continues, which lowers PTA's costs significantly in Q3, because PTA's production and transportation costs are in PESO while its Cash is in USD.
1 USD = 3,238 PESO as of today.
it was 1 USD = 2,230 PESO in January 2015!
See the 12-month chart, PESO's unstoppable devaluation has been going on for 12 months now:
https://www.xe.com/currencycharts/?from=USD&to=COP&view=1Y