Chesapeake Energy Corp filed for Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy protection in recent years as it bowed to heavy debts and the impact of the coronavirus outbreak on energy markets.
) filed for Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy protection in recent years as it bowed to heavy debts and the impact of the coronavirus outbreak on energy markets.
Over more than two decades, late wildcatter Aubrey McClendon built Chesapeake into one of the world’s biggest natural gas producers before resigning in 2013, after a corporate governance crisis and investor concerns over his heavy spending. Under the restructuring plan, Chesapeake will eliminate approximately $7 billion of its debt, the statement said. A separate court filing indicated that Chesapeake has liabilities worth more than $10 billion, while its assets were also listed as being valued at upwards of $10 billion.
While the statement does not name Chesapeake’s creditors, investment firm Franklin Resources is among the most significant. On June 15, Reuters reported that Chesapeake’s impending restructuring would turn over control of the company to creditors including Franklin.
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