Chesapeake Energy in Oklahoma City announced Monday morning it has no plans pursue bankruptcy and is, “Aggressively seeking to maximize value of all shareholders.”
Monday morning, the company’s stock fell about 40 percent. As of 11:40 a.m., it is trading at $2.01 per share.
Investor website Zacks.com reports that shares of the company are crashing in news that it was looking at restructuring its debt amount.
The company released the following statement Monday morning,
“Chesapeake Energy Corporation (NYSE:CHK) stated today that 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 Energy Corporation (NYSE:CHK) is the second-largest producer of natural gas and the 12th largest producer of oil and natural gas liquids in the U.S. Headquartered in Oklahoma City, the company's operations are focused on discovering and developing its large and geographically diverse resource base of unconventional natural gas and oil assets onshore in the U.S. The company also owns substantial marketing and compression businesses. Further information is available at www.chk.com where Chesapeake routinely posts announcements, updates, events, investor information, presentations and news releases.”