"Chesapeake Energy, Fracking Pioneer, Files For Bankruptcy Owing $9bn"

"The Oklahoma City-based company helped turn the US into a global energy powerhouse but ran up huge debts in the process"

"Chesapeake Energy, the shale gas drilling pioneer that helped to turn the United States into a global energy powerhouse, has filed for bankruptcy protection.

The Oklahoma City-based company said on Sunday that it had been forced to enter chapter 11 protection because its debts of $9bn were unmanageable.

It has entered a plan with lenders to cut $7bn of its debt and said it will continue to operate as usual during the bankruptcy process."

Martin Farrer reports for the Guardian with wires June 28, 2020.

SEE ALSO:

"Chesapeake Pushed Into Bankruptcy by Plunging Energy Prices" (Bloomberg Environment)