Chesapeake Energy Corporation (NASDAQ: CHK) has announced that it has successfully concluded its restructuring process and emerged from Chapter 11. Chesapeake Energy Corporation (NASDAQ: CHK) has announced that it has successfully concluded its restructuring process and emerged from Chapter 11. The reorganized business, which equitized around $7.8 billion of debt, permanently eliminated over $1 billion in annual cash costs from 2019 levels, has an anticipated cumulative free cash flow of more than $2 billion over the next five years, and is targeting a long-term net debt to EBITDAX ratio of less than one. The company now has a capital reinvestment strategy of 60 to 70 percent of cash flow and a commitment to achieving net-zero greenhouse gas (GHG) direct emissions by 2035. Chesapeake also has new board of directors, which was said to be nominated by long-term value-focused equity holders. The new board includes chairman Michael Wichterich, Timothy S. Duncan, Benjamin C. Duster, Sarah Emerson, Matthew M. Gallagher, Brian Steck and Doug Lawler.