Chesapeake moves to cancel major midstream contracts as it files for Chapter 11

摘要

After months of speculation, US shale pioneer Chesapeake Energy has filed for Chapter 11 bankruptcy after reaching a restructuring agreement with the majority of its lenders. As part of the largest oil and gas bankruptcy in five years, Chesapeake is looking to cancel its long-term capacity contracts, however the US Federal Energy Regulatory Commission has recently ruled in favour of midstream firms seeking protection from capacity holders facing default.