/ world right this moment information/ Chesapeake Power, one of many pioneers within the US shale trade, has filed for chapter and requested debt restructuring safety, the corporate’s press service reported.
“Chesapeake Power Company right this moment introduced that the corporate has voluntarily filed for Chapter 11 safety within the US Chapter Court docket for the Southern District of Texas to facilitate a complete restructuring of the stability sheet,” RIA Novosti reported.
Chesapeake will implement a reorganization plan to eradicate “roughly $7 billion” in debt.
The corporate entered into an settlement with collectors, in response to which a mortgage might be issued for 925 million {dollars}. Together with that, collectors and secured account holders should give Chesapeake $600 million.
We remind you that in the beginning of April, the primary main shale oil firm, Whiting Petroleum, went bankrupt within the USA. On the finish of Might, one other American shale oil firm, Unit, declared chapter.
We beforehand wrote that the US oil sector is getting ready for a wave of bankruptcies. America’s shale oil output has fallen nearly as a lot as Russia and Saudi Arabia pledged to chop manufacturing as a part of the historic OPEC+ deal.
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