News of the impending implosion of US Oil Sands. Creditors get stiffed as US Oil Sands declares bankruptcy.
The 100 million dollar project is a big flop. This fact was actually quite clear for a very long time. Big money players have exploited the land and colluded with the politicians to create a cash cow for some, roller-coaster for others and big loss for the public. Not to mention nothing but a waste site of 99 acres that isn’t even as clean as beach sand as was promised, for the SITLA Trust fund beneficiaries.
When US Oil Sands goes bankrupt it harms the local communities and regular people who do business with them. Bankruptcy allows US oil Sands to be excused from paying most of it’s debts. SITLA has renewed US Oil Sands leases at PR Springs.