Oil and gas producer Linn Energy LLC said it planned to skip interest payments on some of its senior notes due on Friday, after making bond payments that were deferred last month.
Linn Energy and its unit, Berry Petroleum Co LLC, planned to skip interest payments of a total of $58 million, due Friday and May 1, kicking off a 30-day grace period, the company said in a statement.
A Linn Energy bankruptcy may be unavoidable, after flagging substantial doubt about its ability to continue as a going concern.