After filing for bankruptcy, more than half of the creditors agreed to convert more than $6.5 billion in debt into equity, and the company will also receive $500 million in new financing from creditors.
Tom Burke, CEO of Vararis, said that the COVID-19 epidemic has aggravated the sharp contraction of the energy industry, and enterprises must take measures to create a stronger company that can adapt to the long-term downturn of the industry. He also said that the company will continue to provide services to customers during the period of filing for bankruptcy protection.
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American shale oil and gas giants have also been "planted"
However, Chesapeake Energy Company (NYSE:CHK), which was hit hard by the COVID-19 epidemic and low oil prices, has also announced that it has filed for bankruptcy protection.
According to Xinhua News Agency, Chesapeake, a veteran shale oil and gas company in the United States, issued a news announcement on the 28th local time, saying that the company had applied for bankruptcy protection in the Bankruptcy Court for the Southern District of Texas for asset restructuring.
The announcement said that Chesapeake Energy has signed a restructuring support agreement with major creditors, which will reduce the debt by about 7 billion US dollars. Douglao Le, President and CEO of Chesapeake Energy Company, said that restructuring is a necessary condition for the company to achieve long-term success and create business value.
At the same time, the announcement added that Chesapeake also agreed to the main terms of $2.5 billion to withdraw from the financing, and some of its lenders and holders of guaranteed notes have agreed to support the company's $600 million IPO.
Oriental Fortune Network-Debt 54.3 billion yuan! The global giant went bankrupt.