Get the latest news in your inbox each day.

General News | Financial Trouble | Capital Markets

Chesapeake Withdraws 2020 Outlook; Hints at Potential Bankruptcy

emailEmail    |    printPrint    |    bookmarkBookmark
   |    Monday,May 11,2020

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 has announced that it has withdrawn its 2020 guidance as well as hinted at a potential bankruptcy filing.

The company has withdrawn its 2020 guidance plans, which had earmarked $1.45B in spending for the year.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).

 


US Frac Crews Tracking

ad

Related Categories :

Financial Trouble   

More    Financial Trouble News

Ark-La-Tex News >>>


Gulf Coast News >>>