A worker on a Chesapeake Energy natural gas rig in Fort Worth, Texas
Matt Nager | Bloomberg | Getty Images
Chesapeake Energy, the poster child of the U.S. shale revolution, filed for bankruptcy protection on Sunday. The move comes as the company and industry more broadly has been rocked by a drop in oil and gas prices amid the coronavirus pandemic.
The heavily indebted company has been in trouble for some time, and in May said that it had concerns regarding its long-term viability.
Chesapeake said that $7 billion in debt will be wiped out through the restructuring. The company has secured $925 million in debtor-in-possession financing in order to continue operations during the bankruptcy…