Wednesday, July 22, 2020 10:25:45 PM
That is nmost likely what will happen to Chesapeake common, as the company has already (see iBox) stated that existing common will receive NOTHING - which is fair warning that they plan to cancel the existing common shares as part of the BK reorg process.
Which means one day during the BK process, the existing CUSIP will no longer trade and ba ... errr ... existing common shareholders will have untradeable shares - holding the proverbial hot potato or be the one with no chair to sit in when the music stops, as it always does.
GM didn't do an explicit cancellation of its old common, they simply incorporated a new corporate entity and issued a new CUSIP common for that new corp to the creditors, and the existing common shreholders in the 'old GM' entity had shares in a garbage bag - a corporation that has no assets but still retained all the old debts and liabilities of the old GM. That's why old GM traded for a cuppla years before it died completely.
Chesapeake is nott going that route - it is nott forming a whole new corporation, just doing a reorg of the existing corp - so they will most likely DIRECTLY cancel the existing common class and CUSIP as a partt of the BK process.
One day the CUSIP will be gone and the existing shares will never be tradeable ever again.
Recent CHK News
- CHESAPEAKE ENERGY CORPORATION PROVIDES 2024 FIRST QUARTER EARNINGS CONFERENCE CALL INFORMATION • PR Newswire (US) • 04/17/2024 08:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 09:14:13 PM
- Form S-4 - Registration of securities, business combinations • Edgar (US Regulatory) • 02/29/2024 10:25:49 PM
- Nvidia’s Earnings Skyrocket by 769%, BuzzFeed’s Pre-Market Shares Surge by 85%, and Other Highlights • IH Market News • 02/22/2024 11:08:52 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/20/2024 09:08:15 PM
- CHESAPEAKE REPORTS FOURTH QUARTER AND FULL-YEAR 2023 FINANCIAL AND OPERATING RESULTS AND ISSUES 2024 OUTLOOK • PR Newswire (US) • 02/20/2024 09:00:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 05:34:38 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 05:10:38 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 04:01:49 PM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/14/2024 03:04:43 PM
- CHESAPEAKE ENERGY CORPORATION, DELFIN LNG AND GUNVOR SIGN LONG-TERM LNG LIQUEFACTION OFFTAKE AGREEMENT INDEXED TO JAPAN KOREA MARKER • PR Newswire (US) • 02/13/2024 01:00:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/09/2024 11:19:03 PM
- CHESAPEAKE ENERGY CORPORATION PROVIDES 2023 FOURTH QUARTER AND FULL YEAR EARNINGS CONFERENCE CALL INFORMATION • PR Newswire (US) • 02/06/2024 11:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/11/2024 09:58:22 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/11/2024 11:14:46 AM
- CHESAPEAKE ENERGY CORPORATION AND SOUTHWESTERN ENERGY TO COMBINE TO ACCELERATE AMERICA'S ENERGY REACH • PR Newswire (US) • 01/11/2024 11:00:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/02/2024 09:10:13 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/01/2023 12:20:18 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 10/31/2023 08:13:22 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/31/2023 08:06:24 PM
- CHESAPEAKE ENERGY CORPORATION REPORTS THIRD QUARTER 2023 RESULTS • PR Newswire (US) • 10/31/2023 08:02:00 PM
- CHESAPEAKE ENERGY CORPORATION AND VITOL SIGN LONG-TERM LNG SUPPLY HEADS OF AGREEMENT INDEXED TO JAPAN KOREA MARKER • PR Newswire (US) • 10/31/2023 08:01:00 PM
- CHESAPEAKE ENERGY CORPORATION PROVIDES 2023 THIRD QUARTER EARNINGS CONFERENCE CALL INFORMATION • PR Newswire (US) • 10/18/2023 01:00:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/12/2023 08:07:18 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/12/2023 08:05:21 PM
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