logo
Plus   Neg
Share
Email

Chesapeake Energy Files For Bankruptcy Protection

Chesapeake Energy Corp. (CHK) said that it has voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas.

The company noted that it plans to use the proceedings to strengthen its balance sheet and restructure its legacy contractual obligations to achieve a more sustainable capital structure. Chesapeake will operate in the ordinary course during the Chapter 11 process.

The company said it has executed a restructuring support agreement with a majority of the company's creditors to eliminate Approximately $7 billion of debt.

The company said it has obtained commitments for $925 million in debtor-in-possession financing to support operations; seeks court authorization for post-petition payments for owner royalties, wages and benefits, vendors and suppliers.

The company has secured $600 million commitment of new equity in the company as part of comprehensive exit financing.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tour operator TUI AG Tuesday said Summer 2020 and Winter 2020/21 capacity reduced as a result of recent volatile changes in travel restrictions amid Covid-19 pandemic. The company further announced the launch of Global Realignment Programme, aiming to permanently reduce overhead cost base by 30%. The program potentially impacts 8,000 roles. Home improvement retailer Lowe's Companies Inc. plans to install pickup lockers at all U.S. stores aiming to improve contactless delivery for online buyers amid worsening Covid-19 spread. The "Buy Online Pickup in Store" self-service lockers at its more than 1,700 stores will be available by the end of March 2021. In most major metro markets, the online pickup option will be installed by Thanksgiv Chevrolet, a General Motors division, announced several new mechanical and technological updates for the 2021 model of its fast selling Chevrolet Silverado 1500 light duty pickup trucks. The 2021 Silverado 1500 will begin production in September and arrive at Chevrolet dealerships throughout fall 2020.
RELATED NEWS
Follow RTT