- Ivanhoe Energy (NASDAQ:IVAN) says it is now bankrupt after failing to reach a viable restructuring proposal.
- Ivanhoe had filed for bankruptcy protection in February and had been working on restructuring options with its creditors; it had until June 1 to file its restructuring proposal after receiving an extension in early May.
- On top of sliding oil prices, Ivanhoe suspended an Alberta oil sands project due to regulatory hurdles, faced executive departures and had cut operations in Ecuador as talks with a partner to develop a heavy oil project stalled.