Cheasapeake Energy bankruptcy plan approved by U.S. judge

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Unsecured creditors unsuccessfully opposed approval, arguing the company had already designed a 2019 debt restructuring and delayed its filing to improperly benefit mutual fund provider Franklin Advisers Inc and other big debt holders.

The plan would value Oklahoma-based Chesapeake at about $5.13 billion. Shareholders saw their investment wiped out with the bankruptcy filling.