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Williams (NYSE: WMB) today announced bankruptcy court approval of the global resolution it reached last month with Chesapeake as part of Chesapeake’s Chapter 11 bankruptcy restructuring process. Subsequent to the bankruptcy court’s approval, Williams received a payment of $112 million from Chesapeake related to all pre-petition and past due receivables associated with midstream expenses per the existing contracts.
Key highlights of the approved global resolution include the following:
Chesapeake will pay all pre-petition and past due receivables related to midstream expenses, per the existing contracts.
Chesapeake will not attempt to reject Williams’ gathering agreements in the Eagle Ford, Marcellus, or Mid-Con.
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