Chesapeake Energy, the one-time high-flying natural gas producer that thrust US shale development onto a world stage, filed for Chapter 11 bankruptcy protection today as collapsing energy prices challenged the company's ability to carry its more-than $9bn in debt.
The company will eliminate about $7bn in debt under the bankruptcy plan and has secured $925mn in debtor-in-possession financing. The company will continue to operate through the process.Chesapeake is tracked here.
Flashback from the blog:
- May 17, 2020: five companies on brink of collapse -- OXY, Chesapeake Energy, NOG, Denbury Resources, Transocean.
- Chesapeake: files for bankruptcy;
- OXY: slashes dividend to one penny;
- NOG: reverse split announced, somewhere between 1-7 and 1-10;
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