Chesapeake Pushed Into Bankruptcy by Plunging Energy Prices (4)

Chesapeake Energy Corp., the archetype for America’s extraordinary shale-gas fortunes, filed for bankruptcy, becoming one of the biggest victims of a spectacular collapse in energy demand from the virus-induced global lockdown.

The Oklahoma City-based company filed for Chapter 11 protection from creditors in U.S. Bankruptcy Court in the Southern District of Texas on Sunday, listing assets and liabilities in the range of $10 billion and $50 billion, and more than 100,000 creditors.

The company also entered into an agreement to eliminate about $7 billion in debt and secure $925 million in debtor-in-possession financing.

Doug Lawler

Photographer: Aaron M. Sprecher/Bloomberg

“We are fundamentally resetting Chesapeake’s ...