Extraction Oil and Gas files for Chapter 11 bankruptcy

DENVER — The fourth-largest oil and gas producer in Weld County has filed for Chapter 11 bankruptcy as the broader energy industry continues to struggle with debt loads and weak fuel demand due to the pandemic.

In a Monday morning statement, Denver-based Extraction Oil & Gas Inc. (Nasdaq: XOG) said it had secured $125 million in new financing to keep the company operating during the bankruptcy period. It also said it reached a deal to restructure a portion of its long-term debt to give its largest bondholders a majority stake in the company, but noted that not all of its bondholders…