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Driller’s Bankruptcy Lenders Fidelity, Apollo Stripped of Controlling Stake

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Fidelity Investments and Apollo Global Management took control of a Texas driller with oil prices at historic lows in 2020, then kept the company alive until prices came back. Their payoff will likely be disappointing.

More than three years after Apollo, Fidelity and other top lenders to Mesquite Energy took over the company in chapter 11, a bankruptcy court stripped them of their controlling stake last week and left them with roughly 30% of the oil-and-gas company, saying the other 70% of its shares belong instead to its…

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