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Chesapeake Taps Debt Restructuring Advisors as Pressure Mounts

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   |    Tuesday,March 17,2020

With the downturn in commodity prices adding further financial pressure, Chesapeake Energy Corp. has tapped advisors that specialize in debt restructuring, according to a report by Reuters.

The company has hired Kirkland & Ellis LLP and Rothschild & Co. to assist in addressing its $9.0 billion long-term debt load.

Back in November 2019, Chesapeake was in talks to sell its Haynesville Shale asset to Comstock Resources for around $1.0 billion, but the talks never amounted to an official deal.

In December 2019, the company got a $1.5 billion lifeline from several lenders. In the months since, Chesapeake has been mulling the possibility of a reverse stock split to increase its value. That was one of the matters slated to be voted on at the Meeting of Shareholders on April 13, 2020.

The company is currently operating 13 rigs across 4 plays. 

Chesapeake's Debt


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