Chesapeake Energy filed for bankruptcy protection
June 29, 2020
On Sunday, Chesapeake Energy, oil and natural gas producer, filed for bankruptcy protection. The company has been suffering difficulties due to the crash of oil prices. Thus, it can't handle its $9bn debt.
The corporation will continue to operate during the process. The restructuring plan supposes the elimination of about $7bn in debt. Chesapeake has secured $925 million in debtor-in-possession financing.
Company — Chesapeake Energy
Full nameChesapeake Energy Corporation
IndustryOil and gas