Shale Pioneer Chesapeake Considers Bankruptcy Filing After Oil Rout

Shale Pioneer Chesapeake Considers Bankruptcy Filing After Oil Rout
A Chesapeake Energy natural gas well pad rests on the hill in Litchfield Township, Penn., on Jan. 9, 2013. Brett Carlsen/Reuters
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Chesapeake Energy Corp said on Monday it was unable to access financing and was considering a bankruptcy court restructuring of its over $9 billion debt if oil prices don’t recover from the sharp fall caused by the COVID-19 pandemic.

The announcement follows last month’s statement by the pioneering shale gas producer that it was in talks to line up bankruptcy financing and was in talks for a loan to run its operations through the court proceedings.