Chesapeake Energy: Price War, Coronavirus Led To $9.16B Debt, Bankruptcy Filing

Mealey's (July 1, 2020, 12:07 PM EDT) -- HOUSTON — Hydraulic fracturing operator Chesapeake Energy Corp. on June 28 filed for Chapter 11 bankruptcy in federal bankruptcy court in Texas, citing “an overleveraged balance sheet,” as well as a recent price drop connected to the new coronavirus pandemic and a price war between Russia and the Kingdom of Saudi Arabia as reasons (In re:  Chesapeake Energy Corporation, No. 20-33233, S.D. Texas Bkcy.)....