Analysis

3 Takeaways From Chesapeake's Bankruptcy Plunge

Law360 (June 28, 2020, 6:17 PM EDT) -- The oil and gas bust has claimed its biggest victim to date with the bankruptcy of Chesapeake Energy Corp., a poster child of the U.S. shale boom.

Chesapeake on Sunday made official what had long been rumored when it filed for Chapter 11 in Texas federal court. The company rode the shale drilling explosion to become one of the nation's largest gas producers and also built up a sizable crude oil portfolio, but faces a financial reckoning as it's buried beneath a multibillion-dollar mountain of debt.

"People have been watching Chesapeake for years and wondering when they would finally be throwing in the towel," said...

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