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Chesapeake Revives Bankruptcy Concerns After Oil’s Meltdown

  • Explorer has hired advisers to consider strategic alternatives
  • ‘We currently have no access to capital’: Chesapeake filing
Updated on

Chesapeake Energy Corp. discarded its full-year outlook, wrote down the value of $8.5 billion in assets and revived concerns one of the biggest U.S. natural gas suppliers is on the verge of financial collapse.

The Oklahoma City driller hired strategic advisers and may seek Chapter 11 bankruptcy protection as Covid-19 lockdowns slashed energy demand and triggered a record quarterly loss, the company said Monday in a federal filing.