Permian Oil Driller Rosehill Files for Bankruptcy Protection (1)

Rosehill Resources Inc. filed for bankruptcy protection after a plunge in oil prices forced the Permian shale explorer to seek a restructuring of its debt.

The company filed for Chapter 11 in U.S. Bankruptcy Court in South Texas. Rosehill said Monday in a statement that common shareholders will be wiped out. It has a $17.5 million secured debtor-in-possession loan facility and expects to continue operating during bankruptcy proceedings “without material disruption.”

Scores of U.S. shale companies have been struggling to stay afloat after years of spending borrowed money to expand production left them vulnerable to crude’s historic crash this year. ...