(Credits: Giphy)

One thing is for sure, Linn Energy LLC investors will not be having such a nice weekend, not this time. Wednesday evening the company filed for bankruptcy, becoming the strongest case of a U.S company stock price crash over the past few years. Linn Energy LLC filed for bankruptcy to the U.S Bankruptcy Court of the Southern District of Texas, but not without a restructuring support agreement. By late Wednesday, the shares were down by 25%; the stock price is currently at $.135

Linn Energy files for bankruptcy protection: (Release: 12/05/2016) As we are all well aware, the market is hasty to react. Predictably enough, Linn Energy’s stock price had collapsed by late Wednesday. Adam Sanson (@adamsamson) tells us that in February, the company reported more than $9 billion in debt. He also mentions that they had an unusual financial structure to start with, one more appropriate for those with stable cash flows. CEO Mark Ellis says that the restructuring should “provide a platform for future growth.”

Linn Energy (LINE) Stock Drops on Possible Bankruptcy: (Release: 10/03/2016) Speaking of those affected, it looks like it wasn’t such a big surprise as we might think. Early in March TheStreet published an article by Rebecca Graf, (@graf_rachel) where rumors of the company modifying their corporate structure to insulate investors were mentioned. Interestingly enough, their taxation methods were brought up again due to their peculiarity of passing tax burdens to investors rather than paying corporate taxes itself….TGIF

UPDATE 2-Linn Energy files for Chapter 11 bankruptcy in oil bust: (Release: 11/05/2016) Since 2006 the company has acquired around $17 billion in assets, taking significant debt in order to grow. They are hoping to emerge from bankruptcy by the end of 2016 but a few junior creditors oppose the restructuring plan suggesting one of their own, serving their interests. If it’s of any consolation, as Tom Hals (@tomhals) and Tracy Rucinski (@tracyruci) comment, Linn Energy is merely one of the dozens of U.S shale companies that have suffered in the recent years due to oil prices. Welcome to the Club!

Linn Energy files for bankruptcy protection, to restructure: (Release: 11/05/2016) With a debt as big as $9 billion, they will not only be joining the team but heading it; Olivia Pulsinelli (@HBJWebProducer) reports that’s the most debt any upstream energy company has filed for in North America in 2016. However, Linn Energy will keep operating normally throughout the bankruptcy. She also gives a brief overview of other of the big companies that fell into the same situation recently and most importantly, the details of the restructuring support agreement for Linn Energy LLC.

Friday 13th, coincidence?