Local oil producer California Resources Corp. said Wednesday afternoon it has negotiated another deadline extension with its biggest lenders and now has until 8:59 p.m. Sunday to make interest-only payments totaling $30 million.
The announcement, made after the close of trading in a filing with the U.S. Securities and Exchange Commission, followed the passage of several unmet deadlines for making the payments. The most recent was 8:59 p.m. Tuesday. Another passed one week before that.
CRC said the agreements it entered into Tuesday extend the amount of time it has to satisfy a series of forbearance agreements originally dated June 2.
The company has struggled to stay current with lenders to whom it owes nearly $5 billion left over from its 2014 spinoff from Occidental Petroleum Corp. CRC said it was on the brink of restructuring its debts in March but its prospects for doing so evaporated when oil prices dropped.
Low prices for oil have also forced it to shut in oil production, cut paid hours for its local workforce and slash capital investments.
CRC warned in May it might not survive if it cannot resolve its financial trouble.
Santa Clarita-based CRC reported in May it employed about 730 employees and 1,700 contractors in Kern.
The company's stock, which trades on the New York Stock Exchange under the symbol "CRC," is down 93 percent during the past year. It closed up 19 cents Wednesday at $1.28.