Shale pioneer Chesapeake Energy files for bankruptcy

) 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.

Source: Energy Industry News (energyindustrynews.net)

davidj_french ramavenkat0607 Thoughts and prayers.

davidj_french ramavenkat0607 😂

davidj_french ramavenkat0607 This is a fraud company ChesapeakeEnergy and its executives must be punished along with the board of directors. This shameless company doled out multi million dollars 💵 bonus to its incompetent executives before filing bankruptcy! They all should be stripped of that money first

davidj_french ramavenkat0607

davidj_french ramavenkat0607 Assholes lost my total investment on a bunch of idiots running the company a 1 and 200 stock split left me high and dry Hope the owners drop dead

davidj_french ramavenkat0607 Shale oil is dead.

davidj_french ramavenkat0607 This has been a long time coming. No one in Oklahoma is surprised.

davidj_french ramavenkat0607 Finally!

davidj_french ramavenkat0607 Got them bonuses in fir$t though.

davidj_french ramavenkat0607 Oh, the company that paid its CEO $23 million a year? Executives skate with big bonuses and the rest are left to suffer.

davidj_french ramavenkat0607 How many $$$ are the executives rewarding themselves at Chesapeake? (Hertz paid $16m, Whiting paid $14m to their execs as part of the bankruptcy filing.)

davidj_french ramavenkat0607 More job loss thanks to oil/gas markets. Prayers for those employees.

davidj_french ramavenkat0607 Oh well.

davidj_french ramavenkat0607 Predicted and forewarned, the US shale industry is ready to collapse on low prices..

I installed solar and a plug in car. We have a zero energy cost. Time to end fossil fuels!!

i dont like the way they installed those windows

Good

Look up into the sky... that big red thing... it might of helped you if you listened. I do feel horrible for the people who work there though, please look into renewable energy employment.

Shambles TurkyIsbombingkurdistan TurkeyInvadesKurdstan and killing civilians.

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