U.S. oil and gas producer Chesapeake Energy’s Chapter 11 bankruptcy plan was approved by a U.S. judge on Wednesday, giving lenders control of the firm and ending a contentious trial. FChesapeake will emerge from bankruptcy with about $3 billion in new financing, a $7 billion reduction in debt, and $1.7 billion cut from gas processing and pipeline costs. Investors who committed last spring to back the restructuring as energy tumbled stand to benefit enormously. A rebound in energy prices raised Chesapeake’s value to about $5.13 billion, the judge hearing the case said. Once the second-largest U.S. natural gas producer, Chesapeake filed for court protection last June, reeling from overspending on assets and from a sudden decline in demand and prices spurred by the […]

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