California Resources Approved to Exit Bankruptcy With New Owners

California Resources Corp. won court approval for a reorganization plan to slash more than $5 billion debt in exchange for handing ownership to creditors.

• U.S. Bankruptcy Judge David R. Jones in Houston approved the proposal during a court hearing Tuesday held by telephone
• The company will exit bankruptcy as soon as it can implement the plan, which also cancels existing shares, California Resources lawyer James Bromley told Jones
  • CRC blamed its Chapter 11 case on debt imposed on it as part of its 2014 spinoff from Occidental Petroleum Corp. That transaction left it with burdensome obligations just as a slump ...