One of the largest producers of natural gas went bankrupt

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www.vsyako.netPhoto: Steve Sisney / Reuters

One of the pioneers of the us shale industry and the largest producers of natural gas company Chesapeake Energy declared bankruptcy. The corresponding statement posted on the website of the Corporation.

She sent an application to the court of the United States bankruptcy southern district of Texas. The total debt of Chesapeake Energy reached seven billion. The net loss in the first quarter of this year amounted to 8.3 billion, and the volume of liquidity — 82 million.

Pandemic coronavirus, which led to the collapse of prices for oil and gas, considerably worsened the already difficult situation in the company. Since January, its shares fell by almost 15 times — from 172 dollars to less than $ 12.

The agreement with creditors will allow the company to get a loan in the 925 million dollars, as lenders and holders of the promissory notes will give her another 600 million. The bankruptcy of Chesapeake Energy will give an opportunity to facilitate a comprehensive restructuring of loans.

In early June, said that the new owner of the company can become one of the major creditors. Including called Franklin Templeton and Fidelity Investments.

The US oil shale industry is experiencing unprecedented pressure due to the current situation. With the beginning of the year because of the inability to service the loans taken in very different conditions, declared bankruptcy about 20 producers of oil and gas. As pointed out by The New York Times, among them companies such as Ultra Petroleum, and Whiting Petroleum.

Video, photo All from Russia.

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