Chesapeake Energy Corp. said May 11 it was unable to access financing and was considering a bankruptcy court restructuring of its over $9 billion debt if oil prices don't recover from the sharp fall caused by the COVID-19 pandemic.
The announcement follows last month's statement by the pioneering shale gas producer that it was in talks to line up bankruptcy financing and was in talks for a loan to run its operations through the court proceedings.
Company filings showed it had a combined debt of more than $1 billion by way of debt maturities and interest expenses, of which $250 million in senior notes were due this year.
https://www.hartenergy.com/news/shale-pioneer-chesapeake-energy-considers-bankruptcy-filing-187521
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