California Resources sinks 24% after Bloomberg says weighing bankruptcy

Shares of California Resources are sinking after Eliza Ronalds-Hannon and Allison McNeely of Bloomberg reported that the company is seriously considering bankruptcy after its efforts to rework its debt out of court failed. California Resources is exploring alternatives to address its nearly $5B of debt after the company pulled a proposed bond exchange due to poor market conditions, people with knowledge of the matter told Bloomberg. Shares of California Resources are down 24% to $1.87 following the report.