© 2024 KOSU
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Chesapeake Energy Files For Bankruptcy Protection

Joe Wertz / StateImpact Oklahoma
Chesapeake Energy Corporation's headquarters in Oklahoma City.

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.

Michael Cross is the host of KOSU's Morning Edition.
KOSU is nonprofit and independent. We rely on readers like you to support the local, national, and international coverage on this website. Your support makes this news available to everyone.

Give today. A monthly donation of $5 makes a real difference.
Related Content