Chesapeake Energy has officially filed for Chapter 11 bankruptcy.
Company executives will be down in Houston Monday to file a restructuring support agreement.
Because the company is entering chapter 11 instead of chapter 7 bankruptcy, they will not have to liquidate any assets or cease operations.
The company goal is to eliminate more than $7 billion in debt.
Through the restructuring support agreement the company plans to file Monday, they'll secure more than $600 million of new equity as part of exit financing.
The companies more than 1,900 employees were told they would not lose their job in this process.
The company will also be hosting a town hall for employees at 8:30 a.m. Monday to discuss their future.