Breaking NEWS: Chesapeake Bankruptcy FilingLook for Members Only LinksKeep Informed! We have a Webpage dedicated to keeping you informed. CHECK IT OUT IN THE LIBRARY! (THIS IS A MEMBERS-ONLY RESOURCE)Visit the members-only library today.Owners and lessors of subsurface Oil and Gas resources need up-to-date information to manage their resources. We have several new membership options to accommodate the needs of our members. If you would like to upgrade your membership, sign in or email membership.pogla.org now!
Excerpt From the Chesapeake Press Release:FOR IMMEDIATE RELEASE JUNE 28, 2020CHESAPEAKE ENERGY CORPORATION COMMENCES VOLUNTARY CHAPTER 11 PROCESSProcess Designed to Align Balance Sheet and Capital Structure with Strong Operating Platform and Diverse Asset Portfolio• Will Continue to Operate in the Ordinary Course throughout Restructuring Process • Obtains Commitments for $925 Million in DIP Financing to Support Operations; Seeks Court Authorization for Post-Petition Payments for Owner Royalties, Wages and Benefits, Vendors and Suppliers • Restructuring Support Agreement Executed with a Majority of the Company’s Creditors to Eliminate Approximately $7 Billion of Debt • Secures $600 Million Commitment of New Equity in the Company as Part of Comprehensive Exit Financing SEE OUR MEMBERS ONLY PAGE FOR KEY RESOURCES TO FOLLOW THIS NEWS! |