CHKAQ - Williams' deal with Chesapeake wins bankruptcy court approval

Williams (WMB) says the U.S. bankruptcy court approved the global resolution it reached last month with Chesapeake Energy (CHKAQ) as part of the latter's Chapter 11 bankruptcy restructuring process.Williams received a $112M payment from Chesapeake related to all pre-petition and past due receivables associated with midstream expenses per the existing contracts.Also as part of the resolution, Chesapeake will not attempt to reject Williams' gathering agreements in the Eagle Ford, Marcellus or Mid-Con.Williams agrees to reduce its gathering fees in exchange for gaining ownership of part of Chesapeake's South Mansfield producing assets.Also, Chesapeake will enter into a long-term gas supply commitment of a minimum 100M dth/day and up to 150M dth/day for the Transco Regional Energy Access pipeline currently under development.Williams owns an impressive portfolio of assets, and the company has continued to invest in its long-term growth potential, The Value Portfolio writes in a bullish analysis published recently on Seeking

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Williams' deal with Chesapeake wins bankruptcy court approval