Chesapeake said it had voluntarily filed for Chapter 11 proceedings, which allow a company that is no longer able to repay its debt to restructure without pressure from creditors.
Washington: Chesapeake Energy, once a leader in the United States shale boom that transformed global energy markets, said it had filed for bankruptcy Sunday and entered restructuring to deal with US$7bil in debt as it reels from the impact of the coronavirus.
The Oklahoma-based oil and gas producer, which runs fracking operations in from Texas to Pennsylvania, said the move was necessary despite efforts to improve performance and reduce how much it owes.
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