Chesapeake's stock plunges after Reuters report of bankruptcy preparations [MarketWatch]
Chesapeake Energy Corporation (CHK)
Last chesapeake energy corporation earnings: 2/26 07:00 am
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Source: MarketWatch
Shares of Chesapeake Energy Corp. plunged 37% in premarket trading Thursday, after Reuters reported late Wednesday that the oil and gas production company was preparing for a potential bankruptcy. The stock had plunged 33% over the past three days, after rocketing 178% the four days before that off a record low close of $14.38, which was adjusted for a 1-for-200 reverse split. Reuters reported, citing people familiar with the matter, that Chesapeake has held discussions with creditors about a possible loan of roughly $1 billion that would help keep operations running while navigates bankruptcy. The company did not immediately respond to a request for comment. Chesapeake has been struggling with its debt burden and historic selloff in energy prices, amid a COVID-19 pandemic-related drop in demand and a supply glut. Chesapeake's stock has plummeted 75% over the past three months through Wednesday, while crude oil futures have dropped 67% and the S&P 500 has lost 10.5%.
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