Chesapeake Energy Ch. 11 Plan Confirmed With $5.13B Value

Law360 (January 13, 2021, 3:45 PM EST) -- A Texas bankruptcy judge confirmed the Chapter 11 plan of oil and gas driller Chesapeake Energy on Wednesday, agreeing with the debtor's $5.13 billion valuation and handing over the equity of the company to senior lenders owed more than $7 billion.

After a confirmation trial that took more than a month, U.S. Bankruptcy Judge David R. Jones agreed to confirm the plan, even as competing restructuring offers were still being filed on the eve of the closing day of the proceeding.

The confirmed plan includes a $600 million new rights offering with parties that signed on to a restructuring support agreement...

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