U.S. Banks Prepare to Seize Energy Assets as Shale Boom Goes Bust -
"Major U.S. lenders are preparing to become operators of oil and gas fields across the country for the first time in a generation to avoid losses on loans to energy companies that may go bankrupt, sources aware of the plans told Reuters."
Why this is important: Energy companies are getting crushed by the one-two punch of the coronavirus pandemic and oil supply glut. Loans to the industry are estimated to total more than $200 billion, but companies cannot stay current on those debts...
Please see full Newsletter below for more information.