Chesapeake pushed into bankruptcy as energy prices slump
Tuesday, 30 June 2020 () Chesapeake Energy Corp., the archetype for America's extraordinary shale-gas fortunes, filed for bankruptcy, becoming one of the biggest victims of a spectacular collapse in energy demand from the virus-induced global lockdown. The Oklahoma City-based company filed for Chapter 11 protection from creditors in U.S. Bankruptcy Court in the Southern District of Texas on Sunday, listing assets and liabilities in the range of $10 billion and $50 billion, and more than 100,000 creditors. The company also entered into an agreement to eliminate about $7 billion in debt and secure $925 million in debtor-in-possession financing. "We are fundamentally resetting Chesapeake's capital structure and...
Tuesday, 30 June 2020 ()
Chesapeake Energy Corp., the archetype for America's extraordinary shale-gas fortunes, filed for bankruptcy, becoming one of the biggest victims of a spectacular collapse in energy demand from the virus-induced global lockdown. The Oklahoma City-based company filed for Chapter 11 protection from creditors in U.S. Bankruptcy Court in the Southern District of Texas on Sunday, listing assets and liabilities in the range of $10 billion and $50 billion, and more than 100,000 creditors. The company also entered into an agreement to eliminate about $7 billion in debt and secure $925 million in debtor-in-possession financing. "We are fundamentally resetting Chesapeake's capital structure and...