The California Resources Corporation (CRC), one of the state’s largest oil producers, filed Chapter 11 bankruptcy protection on Wednesday. CRC, which purchased all of Occidental Petroleum’s assets in California, reached agreements with creditors to allow the company to restructure its debt, which should allow the company to continue operations. 

CRC has been facing difficult times as oil prices dropped and its stock value dropped from more than 16 dollars a year ago to about a dollar today.

See the company’s press release linked below.