Cheasapeake Energy bankruptcy plan approved by US judge By Reuters

© Reuters. FILE PHOTO: A Chesapeake Energy natural gas well rig rests on the hill in Litchfield Township

HOUSTON (Reuters) – US oil and gas producer Chesapeake Energy’s (NYSE 🙂 Chapter 11 bankruptcy plan was approved by a US judge on Wednesday, giving lenders control of the company and ending a contentious trial. Unsecured creditors unsuccessfully opposed approval, arguing that the company had already engineered a debt restructuring in 2019 and delayed its filing to improperly benefit mutual fund provider Franklin Advisers Inc and other large debt holders. The plan would value the Oklahoma-based Chesapeake at about $ 5.13 billion. Shareholders saw their investment vanish with the liquidation of bankruptcy.

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