Breaking NEWS:  Chesapeake Bankruptcy Filing

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Excerpt From the Chesapeake Press Release:

FOR IMMEDIATE RELEASE JUNE 28, 2020
 
 

CHESAPEAKE ENERGY CORPORATION COMMENCES VOLUNTARY CHAPTER 11 PROCESS 

 Process Designed to Align Balance Sheet and Capital Structure with Strong Operating Platform and Diverse Asset Portfolio
 

• Will Continue to Operate in the Ordinary Course throughout Restructuring Process

• Obtains Commitments for $925 Million in DIP Financing to Support Operations; Seeks Court Authorization for Post-Petition Payments for Owner Royalties, Wages and Benefits, Vendors and Suppliers

• Restructuring Support Agreement Executed with a Majority of the Company’s Creditors to Eliminate Approximately $7 Billion of Debt

• Secures $600 Million Commitment of New Equity in the Company as Part of Comprehensive Exit Financing

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