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Dome Petroleum's Debt Spells Collapse for Canadian Icon
The once celebrated Dome Petroleum, once trading above $25 a share, collapsed under a debt load that peaked above $6 billion in 1982. Once linked with Hudson's Bay Oil & Gas and backed by eager lenders, Dome faced looming bankruptcy as oil prices fell. By 1983 the company could not meet $1 billion in annual payments, with $2.4 billion owed to major banks. Receivership loomed as assets funded only cash flow, pushing Dome toward demise.
MENTIONED IN THIS ARTICLE
Dome Petroleum
Dome
Hudson’s Bay Oil & Gas
Jack Gallagher
Trudeau
Gallagher
Marc Lalonde
Jack
Canada
Dame Pete
Toronto Sun
Beaufort Sea
Beaufort
U.S
Td, Commerce, Royal
Bank of Montreal
U. S. Securities Exchange Commission