Chesapeake Energy Corporation, which owns the naming rights to the Oklahoma City Thunder’s basketball arena, filed for bankruptcy Sunday, according to the New York Times.
The company accumulated more than $20 billion in debt by 2013 and still had $9.5 billion of debt at the end of last year, according to the NYT.
It lost $8.3 billion in the first quarter of this year, according to the New York Times.
The corporation is one of more than a dozen energy companies to file Chapter 11 bankruptcy during the coronavirus pandemic, according to the Washington Post.
Chesapeake Energy signed a 12-year deal in 2011 with the Thunder to have naming rights to the arena. It cost the company $3 million over the first season and increased by 3% each year after, according to ESPN.
It was unclear how the bankruptcy will affect the name of the stadium, according to ESPN.
The deal is currently scheduled to expire after the 2022-23 season.
