“The Oklahoma City-based company helped turn the US into a global energy powerhouse but ran up huge debts in the process”
“Chesapeake Energy, the shale gas drilling pioneer that helped to turn the United States into a global energy powerhouse, has filed for bankruptcy protection.
The Oklahoma City-based company said on Sunday that it had been forced to enter chapter 11 protection because its debts of $9bn were unmanageable.
It has entered a plan with lenders to cut $7bn of its debt and said it will continue to operate as usual during the bankruptcy process.”
Martin Farrer reports for the Guardian with wires June 28, 2020.
“Chesapeake Pushed Into Bankruptcy by Plunging Energy Prices” (Bloomberg Environment)
This article was originally published by Sej.org. Read the original article here.
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