For The Archives -- Chesapeake Files For Bankruptcy -- June 28, 2020

For the archives. Hardly news. This has been telegraphed for quite some time: Chesapeake files for bankruptcy protection. One link here but story easily found everywhere.

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;