McClendon-founded Ascent Resources files for Chapter 11 bankruptcy [Reuters]
Chesapeake Energy Corporation (CHK)
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Source: Reuters
McClendon-founded Ascent Resources files for Chapter 11 bankruptcy | Reuters 3 Min Read Feb 6 (Reuters) - Ascent Resources Marcellus Holdings LLC, a shale driller founded by the late U.S. fracking pioneer Aubrey McClendon, said on Tuesday it had filed for Chapter 11 bankruptcy as part of a negotiated plan with lenders to reduce about $1 billion of debt and boost liquidity. Privately held Ascent is one of several energy companies McClendon launched after he was ousted in 2013 during a corporate governance crisis from Chesapeake Energy Corp, which he had founded and built into one of the largest U.S. shale drillers. McClendon died in a single-vehicle collision on March 2, 2016, a day after he was indicted along with other unnamed co-conspirators on federal charges of bid-rigging. The filing in the U.S. Bankruptcy Court in Wilmington, Delaware, is for Ascent’s Marcellus formations, which own development rights on some 43,000 acres in West Virginia, and has no impact on its Utica play in
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Sec Filings
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