(WBAP/KLIF) — Due to a collapse in world wide demand for energy during COVID-19, Chesapeake Energy Corporation becomes one of the biggest casualties of the pandemic.
Chesapeake lawyers filed for chapter 11 bankruptcy protection from the U.S. bankruptcy court in the southern district of Texas.. The gas shale extraction company is a victim of the world wide drop in energy demand due to the Coronavirus pandemic.
The Oklahoma City based company became a $37.5 billion giant almost a decade ago by extracting gas from shale basins. According to the Dallas morning news, a heavy debt load had plagued Chesapeake, but the drop in energy demand during COVID-19 was just too much.
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