) said on Monday it is no longer able to access financing and is considering a bankruptcy court restructuring of its over $9 billion debt if oil prices don’t recover from their sharp fall caused by the COVID-19 pandemic.
Debt maturities and interest expenses combined total more than $1 billion, according to company filings. About $250 million of its senior notes are due this year.a going concern warning on Monday, its second since November, and said this quarter's review of the value of its untapped oil and gas reserves is likely to show a decline due to its distressed financial position, reducing its ability to borrow against those assets.
A bankruptcy filing would cap a long reversal of fortunes for Chesapeake, a company that helped revolutionize the energy industry through the relentless extraction of untapped oil and natural gas from shale rock formations, an environmentally controversial method that became known as fracking. U.S. oil prices have tumbled around 60% so far this year and in April turned negative for the first time in history.
That's a shame.
Time to stop the tankers coming from the Middle East Send them back
Great, do it. Lots of ppl will probably see its death as the turning point
Poetry in motion. Mother Nature using capitalism to move us to a greener future while trying to reduce our population.
Good. Sink 'em.
This needs wide dispersal. Thank you.
The free market.
For high crimes and ecocide they deserve prosecution.