Exclusive: Chesapeake Energy preparing bankruptcy filing - sources [Reuters]
Chesapeake Energy Corporation (CHK)
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Source: Reuters
Exclusive: Chesapeake Energy preparing bankruptcy filing - sources (Reuters) - Chesapeake Energy Corp ( CHK.N ), the oil and gas exploration and production company that was at the forefront of the past decade’s U.S. shale boom, is preparing a potential bankruptcy filing as it grapples with an unprecedented rout in energy prices, people familiar with the matter said on Wednesday. The Oklahoma City-based company, cofounded by late wildcatter and outspoken natural gas proponent Aubrey McClendon, has held discussions with creditors about a possible loan that would aid operations while it navigates bankruptcy proceedings, the sources said. The loan could total roughly $1 billion, though its size remains in flux, one of the sources added. Such loans, referred to as debtor-in-possession financing, are key to companies seeking Chapter 11 bankruptcy protection because they help them sustain as much of their business as possible during court proceedings. Chesapeake’s discussions about possibl
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