Chesapeake Energy Corp. said Tuesday a bankruptcy court has approved its $925 million debtor-in-possession financing, a special loan used in bankruptcy proceedings that the company secured from lenders under its revolving credit facility. The pioneer in fracking filed for Chapter 11 protection on Sunday. The U.S. Bankruptcy Court for the Southern District of Texas also approved a variety of "first-day" relief, allowing it to pay owner royalties, employee wages and benefits and to pay certain vendors and suppliers. The company will use the bankruptcy process to bolster its balance sheet and restructure debt to get to a more sustainable capital structure. The company said in its bankruptcy petition that it has $16.2 billion in assets and $11.8 billion in debt.
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