California Resources Corp., a major local employer and one of the state's largest oil producers, filed Chapter 11 bankruptcy protection Wednesday after reaching a series of creditor agreements it said will restructure $5 billion in debt and allow it to emerge a financially healthier company.
The bankruptcy filing is expected to allow Santa Clarita-based CRC to continue operating while it puts behind it the financial struggles that caused it to miss multiple deadlines recently for making $30 million in interest payments.
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