From Reuters April 29, 2020:
Chesapeake Energy Corp, the oil and gas exploration and production company that was at the forefront of the past decade’s U.S. shale boom, is preparing a potential bankruptcy filing as it grapples with an unprecedented rout in energy prices, people familiar with the matter said on Wednesday.....MUCH MORE
The Oklahoma City-based company, cofounded by late wildcatter and outspoken natural gas proponent Aubrey McClendon, has held discussions with creditors about a possible loan that would aid operations while it navigates bankruptcy proceedings, the sources said. The loan could total roughly $1 billion, though its size remains in flux, one of the sources added.
Such loans, referred to as debtor-in-possession financing, are key to companies seeking Chapter 11 bankruptcy protection because they help them sustain as much of their business as possible during court proceedings.
Chesapeake’s discussions about possibly obtaining bankruptcy financing are in early stages, and the company has made no final decisions about how it plans to address its debts, the sources cautioned. It could attempt to persuade creditors to restructure its debt outside of bankruptcy proceedings, said the sources, who asked not to be identified because the matter is confidential....
As noted back on February 26:
U.S. #3 Natural Gas Producer, Chesapeake Crushed, Down 32% (CHK)
I think CHK is still #3 after OXY bought Anadarko but it's possible Chesapeake has slipped to #4.
This is one of the three or four most likely bankruptcies among the gas Exploration & Production companies....MORE
March 17
Natural Gas: "Exclusive: Shale gas pioneer Chesapeake Energy taps restructuring advisers - sources" (CHK)
If interested see also some of the links in March 26's "Goldman: "Why Natural Gas Prices Could Double by Next Winter".
And dozens more over the years, use the 'search blog' box if interested.
Over the years:
That 1 for 200 reverse split is how you get a $7000 stock.
