Chesapeake Pushed Into Bankruptcy by Plunging Energy Prices
- Fracker couldn’t escape crushing debt load, gas market slump
- Enters into agreement to eliminate about $7 billion in debt
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Chesapeake Energy Corp., the archetype for America’s extraordinary shale-gas fortunes, filed for bankruptcy, becoming one of the biggest victims of a spectacular collapse in energy demand from the virus-induced global lockdown.
The Oklahoma City-based company filed for Chapter 11 protection from creditors in U.S. Bankruptcy Court in the Southern District of Texas on Sunday, listing assets and liabilities in the range of $10 billion and $50 billion, and more than 100,000 creditors.