In an effort to reorganize and reduce its $11.6 billion of debt, Chesapeake Energy has brought in restructuring experts from Evercore Partners, according to multiple published reports.
The move comes as low natural gas prices continue to put pressure on Chesapeake's bottom line. The company, the nation's second-largest producer of natural gas, has posted three-straight quarterly losses this year.
Chesapeake has already made efforts at reducing its debt load. Earlier this month, Chesapeake announced an offer to exchange bonds at a discount for up to $1.5 billion of new debt. Investors taking the offer would accept a reduction in the face value of their debt in exchange for a stronger claim on the company’s assets. The deadline for the deal is Dec. 30.
Earlier this year, Chesapeake cut a deal with its banks, also intended to shore up the company's liquidity. The agreement allowed Chesapeake to convert its unsecured $4 billion revolver into a secured credit line.
Efforts to bring the company in line with current market conditions have also included workforce adjustments. In September, the company laid off 740 employees, 562 of them at its headquarters in Oklahoma City.
Chesapeake stock has fallen almost 80 percent this year to around $4.06 per share. Its market capitalization currently stands at around $2.7 billion, down from $11.4 billion a year ago.