Chesapeake's Shale Fracking Spinoff Plans to File Bankruptcy
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Seventy Seven Energy Inc., the shale fracker spun off by Chesapeake Energy Corp. less than two years ago, plans to file for bankruptcy protection.
As part of a pre-packaged Chapter 11 plan the company intends to file no later than May 26, Seventy Seven reached an agreement with creditors to restructure most of its debt load, according to a statement on Tuesday.