Here's a look behind fracking giant Chesapeake Energy’s bankruptcy filing.
"While today is a challenging day, your leadership team and I are confident that this is the best path forward for Chesapeake, and that we will emerge from the Chapter 11 process as a stronger and more competitive company," Lawler said in a memo to employees.
In the Chapter 11 announcement, Lawler added that the company is "fundamentally resetting" its capital structure and business "to address our legacy financial weaknesses and capitalize on our substantial operational strengths." The CEO praised "the hard work and commitment of our employees, who remain focused on safely and efficiently executing our business. We look forward to working productively with our suppliers, business partners and all stakeholders throughout this process."
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