Oil and gas producer California Resources Corp. has shed about $4.4 billion in debt after trading it for equity during a Chapter 11 financial reorganization.

What's more is that the massive balance sheet restructure took less than three months to complete.

"It's difficult to be proud of a bankruptcy," the company new Chief Financial Officer Francisco Leon told the Business Journal. "But we did it in 88 days. That's a pretty big accomplishment."

Read the full story in the Nov. 9 issue of the San Fernando Valley Business Journal.