Chesapeake Energy Can Tap Into $925M Of Ch. 11 Financing

Law360 (June 29, 2020, 6:48 PM EDT) -- Bankrupt oil and gas driller Chesapeake Energy Corp. received permission from a Texas judge Monday to access a portion of $925 million in Chapter 11 loans as it seeks to turn about $7 billion of prepetition debt into equity.

During a first-day hearing conducted via phone and video conferencing, U.S. Bankruptcy Judge David R. Jones granted interim approval to the debtor-in-possession financing package being provided by existing lenders under a $1.9 billion secured revolving credit facility, saying the terms of the loans were vigorously negotiated before the bankruptcy filing.

"I am confident there has been give-and-take on every issue I have...

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