Posted on 02/09/2016 12:17:22 PM PST by Lorianne
Chesapeake Energy, the No. 2 U.S. natural gas producer, said on Monday it had no plans to file for bankruptcy, after sources told Reuters the company had asked its longtime counsel to look at restructuring options.
Chesapeake's shares were halted after plunging more than 50 percent but later pared some losses, as it said advisers Kirkland & Ellis had been providing counsel since 2010 and will continue to help the company strengthen its balance sheet.
Trade publication Debtwire had reported the engagement of Kirkland & Ellis on Friday evening, prompting Chesapeake's shares to drop early on Monday to $1.50 on fears it might soon make one of the biggest bankruptcy filings of the current crash in oil and natural gas prices.
The company, seeking to downplay those worries, said it "currently has no plans to pursue bankruptcy and is aggressively seeking to maximize value for all shareholders."
(Excerpt) Read more at reuters.com ...
Well, this will not make Gov. Kasich happy. The fracking in Ohio has saved him and helped Ohio be in the black with a surplus. Chesapeake Energy is HUGE in Ohio.
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