Chesapeake Energy Filed for Bankruptcy Restructuring Protection Sunday

June 28, 2020 The shale drilling pioneer Chesapeake Energy lost $8.3 billion in 1Q and reported only $82 million in cash at the end of March. In a debtor agreement, Chesapeake has acquired $925 million in a revolving credit debtor-in-possession agreement to keep it going during the bankruptcy process, eliminating about $7 billion of debt along with a $600 million commitment for new equity when it emerges from the court process. However, with about 73% of unsecured bondholders refusing to go along with the deal, a fight over recoveries is expected and could get contentious as hedge funds that accumulated positions in the bonds fight with the secured debtors .....  
Please click here to subscribe or click here to log in to read more of this, along with dozens of Texas energy news stories each week, including exclusives, analysis, opinion and the latest in energy worldwide.