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...Haynes and Boone, a law firm, said more than 100 US oil and gas producers and services companies went bankrupt last year, accounting for more than $108bn in debt....
...There are eight oil producers with credit ratings of triple-C or lower, meaning that “they’ve got about a year or less before they burn out of cash”, says Thomas Watters, a managing director at S&P....
...“Shareholders should be tickled to death when he shows up,” says T Boone Pickens, another veteran corporate raider and a friend of Mr Icahn....
...The shares fell almost 5 per cent, or 11¾p, to close at 245½p amid continued jitters in the market....
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