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U.S. Shale Oil Extractor Chesapeake Goes Bankrupt

Chesapeake Energy, a US-based shale oil producer, filed for bankruptcy. It is reported by CNBC.

So, the company voluntarily filed for bankruptcy, and also asked the US court for protection under the bankruptcy clause to simplify debt restructuring.

The company intends to implement a plan for debt repayment of $7 billion.
Chesapeake Energy entered into an agreement whereby lenders give them a loan of $925 million.

In addition, the company should receive $600 million from lenders and holders of secured bills.

Author: Marko Vidrih

Featured image credit: Unsplash

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Marko Vidrih

Marko Vidrih

Most writers waste tremendous words to say nothing. I’m not one of them.

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