Shale pioneer Chesapeake considers bankruptcy filing after oil rout [View all]

[turbinetree]

Source: Reuters

DEALS MAY 11, 2020 / 8:50 AM / UPDATED 10 MINUTES AGO

(Reuters) - Chesapeake Energy Corp (CHK.N) said on Monday it is no longer able to access financing and is considering a bankruptcy court restructuring of its over $9 billion debt if oil prices don’t recover from their sharp fall caused by the COVID-19 pandemic.

Reuters reported last month that the pioneering shale gas producer was in talks to line up bankruptcy financing and was discussing a possible loan to help maintain operations through the court proceedings.

Debt maturities and interest expenses combined total more than $1 billion, according to company filings. About $250 million of its senior notes are due this year.

The Oklahoma City-based company re-issued bit.ly/2Li4YGr a going concern warning on Monday, its second since November, and said this quarter's review of the value of its untapped oil and gas reserves is likely to show a decline due to its distressed financial position, reducing its ability to borrow against those assets.

Reporting by Shariq Khan in Bengaluru; Editing by Ramakrishnan M. and Rashmi Aich

Read more: https://www.reuters.com/article/us-chesapeake-enrgy-bankruptcy/shale-pioneer-chesapeake-considers-bankruptcy-filing-after-oil-rout-idUSKBN22N1RJ?il=0

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So prior to the filing the Hamm's, decided all by themselves to pay out to the bonuses, and what exactly did the workers get..............unemployment, in states mind you that says those on unemployment don't deserve.............and to add further insult he made his billion on junk bonds and borrowed like there was no tomorrow and the treasury is going to held holding the bag right along with taxpayers.............