California Resources (CRC) Not Considering Restructuring or Hiring Advisors for Deleveraging Debt

September 19, 2019 5:41 PM EDT

In response to earlier reports, California Resources (NYSE: CRC) said it is not considering restructuring or hiring advisors for deleveraging its debt. The company said it regularly meets with investment banks and advisors.

Statement from the company to

"We regularly meet with investment banks and advisors on ideas to help us achieve our long-term goal of strengthening our balance sheet and reducing the absolute levels of our debt.

As discussed on our earnings calls, we are actively looking at asset sales, royalty monetizations and other transactions similar to those we have done in the past to help us delever. Contrary to recent erroneous reporting, we are not considering restructuring or hiring advisors for this purpose."

Shares of CRC fell nearly 30% intra-day Thursday following reports from Debtwire about the restructuring advisors.

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