Chesapeake Strength submitted for personal bankruptcy on Sunday to have out equilibrium sheet restructuring.
In accordance to CEO Doug Lawler, by filing for Chapter eleven, Chesapeake will do away with $7 billion in financial debt and deal with its legacy fiscal weaknesses. It would also be in a position to choose advantage of its operational strengths.
Lawler explained, “Despite obtaining eradicated over $twenty billion of leverage and fiscal commitments, we believe this restructuring is essential for the very long-time period achievement and benefit generation of the business.”
The shale oil firm has secured $925 million in debtor-in-possession funding underneath its