Gavilan Resources LLC, an oil-and-gas company formed by buyout firm Blackstone Group Inc., has filed for bankruptcy protection, a victim of the collapse in energy prices and a long-running commercial dispute with a rival Texas shale driller.

The Houston-based company Friday night sought protection from creditors under chapter 11, prompted by the “precipitous decline in oil prices from the combined effect of the Covid-19 pandemic and the flooding of oil markets by warring international producers,” namely Russia and Saudi Arabia,…

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