One of the largest and most famous American energy companies has filed for bankruptcy; Due to the sharp decline in energy demand due to the spread of Corona virus.

According to Arabia Net, Chesapeake Energy Inc. filed a request with the US authorities on Sunday for bankruptcy and requested protection from creditors, after it became unable to confront a mountain of Debt is no longer likely after years of natural gas prices stabilizing at low levels, according to the New York Times in a report.

According to the information gathered by Al Arabiya.net, Chesapeake Energy Company was incorporated in the United States in 1989, and it is listed on the New York Stock Exchange, and it is considered one of the giants of oil and gas producers. It is natural for Americans, as during the past year 2019 it produced more than 484 thousand barrels of oil per day, which is more than the production of entire oil countries.

The New York Times said in its report that Chesapeake Energy has helped over the past years transform the United States from an importer of natural gas into an important and major product, under the management of Aubrey McClendon, He is the man who founded the company 31 years ago in Oklahoma City, USA, and served as its CEO.

But it was McClendon who turned this company into one of the energy giants in the world, the same one that caused him to download more than $ 20 billion in debt, which led to his loss of his position as president. An executive was expelled from the company in the year 2013, and since that time the company has been struggling to survive in vain and facing a lot of financial trouble.

During the first quarter of the current year 2020, Chesapeake Company lost about $ 8.3 billion, and by the end of last March, the company's assets of cash were only $ 82 million, However, there are bonds issued by the company that are due to be repaid in August and amount to $ 192 million, which is much more than its cash assets.

At the end of last year, the company was depositing in the year 2019 and it is loaded with debts in excess of $ 9.5 billion.

The company issued a statement announcing that it had filed an application with the authorities requesting protection from creditors under Chapter XI, so that it can carry out the restructuring.

The company revealed that it had obtained credit facilities worth $ 925 million as part of an agreement with creditors, and that the agreement includes debt cancellation of more than seven billion dollars.

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The company has 1,900 employees, ...