Business bankruptcies in Pennsylvania and other jurisdictions often serve the purpose of bringing together the bankrupt company with an investment firm that acquires most or all of the company's assets. This happened recently in connection with the Chapter 11 bankruptcy of a large industrial supply company. An investment firm called Staple Street Capital made a "stalking horse" bid for purchase of the national pipe, valve and fittings supplier.
Ironically, the low price of oil has hurt not only oil drillers and producers but has affected to some extent the renewable energy industry nationwide, including in Pennsylvania. The most glaring example of that influence can be seen in the impending bankruptcy of solar energy leader SunEdison Company. The company had a market value of nearly $10 billion last summer but has suffered a dramatic turnabout due to a variety of factors.
The steep slide in oil prices has affected the shale oil industry in the United States. Several of the high-profile companies in the industry may consider bankruptcy reorganization or even liquidation. The industry has a fair share of companies operating in the Pennsylvania shale fields.