Chesapeake Energy (CHK) Said to Plan Bankruptcy - Bloomberg
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(Updated - June 8, 2020 4:51 PM EDT)
Chesapeake Energy (NYSE: CHK) is preparing a potential bankruptcy filing that could hand control to senior lenders, according to Bloomberg, citing people with knowledge of the matter.
Chesapeake is negotiating a restructuring support agreement that could see holders of FILO term loans take a majority of the equity in bankruptcy, the report said.
Chesapeake is debating whether to skip interest payments due on June 15 and invoke a grace period while it talks with creditors. It also begun soliciting lenders to provide debtor-in-possession financing.
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