Chesapeake Energy, the poster child of the U.S. shale revolution, filed for bankruptcy protection on Sunday.
The move comes as the company and industry more broadly has been rocked by a drop in oil and gas prices amid the coronavirus pandemic.A worker on a Chesapeake Energy natural gas rig in Fort Worth, Texas The move comes as the company and industry more broadly has been rocked by a drop in oil and gas prices amid the coronavirus pandemic.
Chesapeake said that $7 billion in debt will be wiped out through the restructuring. The company has secured $925 million in debtor-in-possession financing in order to continue operations, as well as an additional $600 million commitment for new equity once the company emerges from bankruptcy. "We are fundamentally resetting Chesapeake's capital structure and business to address our legacy financial weaknesses and capitalize on our substantial operational strengths," CEO Doug Lawler said in a statement.
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