A federal judge has approved Chesapeake Energy's plan to emerge from bankruptcy after a lengthy legal process.
Several news outlets reported that the company will soon be able to resume normal operations without court oversight.
According to The Oklahoman, company projections aim to keep administrative costs at $187 million annually over the next five years and will reduce operating costs from $1.3 billion to just over $1 billion by 2025.
Chesapeake Energy was just one of several energy companies that filed for Chapter 11 Bankruptcy protection during the first few months of the pandemic.
The process for Chesapeake Energy began last June. It was brought on by low energy prices and an ongoing history of debt.
In 2013, the company owed close to $21 billion.
Chesapeake Energy CEO Doug Lawler was able to bring that down to $9 billion prior to filing for bankruptcy.
The approved plan eliminates $7 billion of that debt.
The company says it has secured $600 million in new investments to help on the other side of bankruptcy.