Chesapeake Energy Corp (CHK)

[Timothy Smith]

Chesapeake Energy is fighting tooth and nail to make it through this downturn, and restructure ~$10 billion in debt.

That may work, or it may not. In any case, Chesapeake Energy's reassurance to investors that the company does not pursue bankruptcy has had the opposite effect.

This has added to rampant speculation that bankruptcy may be the only alternative for the company if a debt restructuring fails.

This could mean little to no common equity left. It likely will make for some good trading opportunities but possibly not before the bottom falls out further.