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Linn Energy (LINE) Stock Plunges on Bankruptcy Talk

Linn Energy (LINE) stock was down on Friday following potential bankruptcy talk.

linn-energy-line-stockLinn Energy said that it’s currently looking into strategic alternatives to help strengthen the company during the tough oil market. The company said that it still has the resources to keep operations going while it works through these strategic options.

“Given commodity pricing pressure and the impact that market challenges are expected to have on our industry and the long-term financial outlook of our Company, we believe it is prudent to explore opportunities to strengthen our balance sheet and ensure we have adequate financial flexibility to manage through prolonged commodity price headwinds,” said Linn Energy CEO Mark E. Ellis.

Linn Energy also said that it has borrowed $919 million from its credit facility, which maxes out what it can borrow. This has it total amount of money borrowed from the credit facility reaching $3.6 billion.

LINE shares were down 49% as of Friday morning.

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