- Chesapeake Energy (NYSE:CHK) is preparing to file for Chapter 11 bankruptcy that could hand control of the company to its senior lenders, Bloomberg reports.
- The company reportedly is negotiating a restructuring support agreement that could see holders of its FILO term loan take a majority of the equity in bankruptcy, although the terms of the agreement could change.
- Chesapeake, which owes ~$9B, is debating whether to skip interest payments due on June 15 and invoke a grace period while it talks with creditors, according to the report.
- CHK -9.9% after-hours after nearly tripling in today's trade.
Chesapeake preparing for bankruptcy - Bloomberg
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| Symbol | Last Price | % Chg |
|---|---|---|
| CHK | - | - |
| Chesapeake Energy Corporation | ||