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Report: Chesapeake Poised to Emerge from Bankruptcy
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Chesapeake Energy Corp. is poised to emerge from bankruptcy after a lengthy trial period, according to a report by Reuters.
Per the report, the company's bankruptcy plan was approved by a U.S. court judge on Friday January 8, 2021.
The process will eliminate $7 billion worth of Chesapeake's debt and give the firm $3 billion in fresh capital.
Back in October 2020, while in the midst of the bankruptcy process, Chesapeake was granted approval approval from the bankruptcy courts to pursue the sale of its Midcontinent assets. Tapstone Energy was the eventual high bidder for the assets, paying $130.5 million for 70,000 net acres.
Chesapeake's remaining assets are located in the Marcellus, Powder River Basin, Eagle Ford and Haynesville.
Chesapeake filed for bankruptcy on June 28, 2020 after its financials were pushed to the limit due to COVID-19. The company had signaled back in March 2020 that bankruptcy was possible.
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