Chesapeake Energy Corporation announced on Sunday it has filed for Chapter 11 bankruptcy protection.
The Oklahoma City-based energy pioneer negotiated a restructuring agreement with most of its creditors in the hopes of creating a path back to profitability. If approved, the company will emerge from the process with a $2.5 billion line of credit.
It’s also seeking court approval to spend $925 million during the bankruptcy process to keep the business operating normally.