Shale Giant Chesapeake Files For Bankruptcy

Chesapeake Energy has filed for Chapter 11 bankruptcy protection, the company said to day, adding that it had signed a restructuring support agreement with creditors. The restructuring support agreement, which involves most of the company’s creditors, is contingent on Chesapeake managing to eliminate some $7 billion in debt during the Chapter 11 restructuring, the company said. “We are fundamentally resetting Chesapeake's capital structure and business to address our legacy financial weaknesses and capitalize on our substantial operational…