By Shariq Khan
(Reuters) – Chesapeake Energy Corp <CHK.N> said on Monday it was unable to access financing and was considering a bankruptcy court restructuring of its over $9 billion debt if oil prices don’t recover from the sharp fall caused by the COVID-19 pandemic.
The announcement follows last month’s statement by the pioneering shale gas producer that it was in talks to line up bankruptcy financing and was in talks for a loan to run its operations through the court proceedings.
Company filings showed it had a combined debt of more than $1 billion by way of debt maturities and interest expenses, of which $250 million in senior notes were due this year.
This is the second going concern warning by the Oklahoma City-based