Bloomberg with a sobering article on the outlook for oil producers in Canada
Companies including Penn West Petroleum Ltd. are under pressure to sell assets to keep the money flowing
No relief from the price of oil
Banks will next likely force some producers to sell their best assets to avert bankruptcy, said Rafi Tahmazian, senior portfolio manager at Canoe Financial LP in Calgary
- Banks approached struggling producers in the spring and told them to do what they could to strengthen their balance sheets and find ways to raise funds
- "This time, they won't be so friendly"