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Chesapeake Stock Sell Off After Bankruptcy Rumor; Not So Said Company

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   |    Monday,February 08,2016

In reference to earlier reports that Chesapeake Energy Corporation has hired advisors to aid in restructuring / strategic alternatives, Chesapeake has issued the following statement:

"Kirkland & Ellis LLP has served as one of Chesapeake's counsel since 2010 and continues to advise the company as it seeks to further strengthen its balance sheet following its recent debt exchange. Chesapeake currently has no plans to pursue bankruptcy and is aggressively seeking to maximize value for all shareholders."

Chesapeake's shares dropped nearly 40% this morning after news of a potential restructuring of the company was reported.

The company has tapped Kirkland & Ellis LLP to advise. Last week, Shale Experts reported that Kirkland & Ellis has recently advised several companies who have maxed out their credit lines in an effort to survive the industry downturn.

Below is a chart showing the massive sell off of the company stock after the report came out.



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