Bloomberg reported that winners and losers are emerging from the energy bust and provided commentary on a number of situations that have turned sour including: American Eagle Energy, Dune Energy, Endeavor International, Samson Resources, ERG Resources, Magnum Hunter Resources, Swift Energy and New Gulf Resources.

Bloomberg noted that assets are selling for far less than what the companies owe and observes that Bank of America, Citigroup, JPMorgan Chase and Wells Fargo have set aside a combined $2.5 billion to cover deteriorating energy loans.

Bloomberg quoted Becky Roof, managing director at turnaround and restructuring firm AlixPartners, as saying, “A lot of people got into this business and didn’t really understand the ups and downs of price cycles – they’re getting a very bad dose of reality right now.”