Chesapeake Energy Corporation has "successfully concluded its restructuring process and emerged from Chapter 11," the company announced Tuesday.
Chesapeake Energy said it satisfied all of the conditions precedent under its plan of reorganization.
Highlights of the plan include:
Under the court-approved plan, approximately $7.8 billion of debt has been equitized and the company's preferred and common equity interests have been canceled as of Feb. 9, 2021.
Chesapeake CEO Doug Lawler released the following statement:
"Today marks a new day for Chesapeake. We have fundamentally reset our business, and with an improved capital and cost structure, disciplined approach to capital reinvestment, diverse asset base and talented employees, we are poised to deliver sustainable free cash flow for years to come. Additionally, our unwavering resolve to leading a responsible energy future has never been greater, and our pledge to achieve net zero GHG direct emissions by 2035, eliminate routine flaring on new completions immediately, and significantly reduce our methane and GHG emission intensity by 2025, place Chesapeake on a path toward setting a new standard of environmental excellence in our industry."
Click here to read more about Chesapeake Energy Corporation's financial restructuring.