Chesapeake Energy on Friday obtained court approval to pay at least $60 million in fees related to its current restructuring strategy, defeating junior creditors who say the fees are intended to lock in a plan that is overly beneficial to favored lenders.
Chief U.S. Bankruptcy Judge David Jones in Houston signed off on the fees, which are tied to $2.5 billion in exit financing and a $600 million rights offering, during a telephonic hearing. He rejected the unsecured creditors’ committee’s argument that the fee request came too early in the case.
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