Chesapeake Energy reports it is the target of more than 7,000 claims of debt totaling more than $11 billion in its Chapter 11 bankruptcy that was filed in June 2020.
In a Form 10-Q filing with the Securities and Exchange Commission, the Oklahoma City-based company said nearly 7,350 proofs of claim with an aggregate amount of approximately $11.2 billion have been filed against the company so far. The filing claimed that nearly half represent general unsecured claims.
The company says differences between the amounts admitted by Chesapeake and the claims by its creditors “will ultimately be reconciled and resolved in connection with the claims resolution process.” But Chesapeake admitted the resolutions will take some time and “likely will continue after we emerge from bankruptcy.”
Chesapeake filed a notice last month with the court that it had reached agreement with Tapstone Energy as the “Stalking Horse” bidder to sell its Mid-Continent asset for $85 million. A Bankruptcy Court supervised auction was scheduled for Monday and the results are to be presented to the court on Nov. 13. Chesapeake stated it anticipates the transaction to close on Dec. 11, 2020.
Chesapeake filed bankruptcy on June 28, 2020 in the Southern District of Texas. The case is Chesapeake Energy Corporation, Case No. 20-33233 (DRJ).
Source: SEC filing
