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Chesapeake Withdraws 2020 Outlook; Hints at Potential Bankruptcy
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In its latest SEC filing, Chesapeake Energy Corp. has announced that it has withdrawn its 2020 guidance as well as hinted at a potential bankruptcy filing.
The company has withdrawn its 2020 guidance plans, which had earmarked $1.45B in spending for the year.
In the following weeks, Chesapeake tapped debt restructuring advisors and reduced its workforce.
In the filing, the company said: "As a result of the impacts to the Company’s financial position resulting from declining industry conditions and in consideration of the substantial amount of long-term debt outstanding, the Company has engaged advisors to assist with the evaluation of strategic alternatives, which may include, but not be limited to, seeking a restructuring, amendment or refinancing of existing debt through a private restructuring or reorganization under Chapter 11 of the Bankruptcy Code."
This week, the company also announced an amended compensation program for its top executives (click here for details).
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