Replies to post #18548 on Chesapeake Energy Corp (CHK)

[Dad4487]

Chk has went under fierce attack but like hertz?
Ka boom tomorrow

[Crusen]

The Oklahoma City-based company filed for Chapter 11 protection from creditors in U.S. Bankruptcy Court in the Southern District of Texas on Sunday, listing assets and liabilities in the range of $10 billion and $50 billion, and more than 100,000 creditors.

https://www.yahoo.com/finance/news/chesapeake-pushed-bankruptcy-plunging-energy-195248304.html

[gta888]

Agreed. Pre split pricing is $0.06 cents currently. Will be volatile session...hopefully no halts...let market decide.

[alexbh2285]

The book assets as of 3/30/20 were $7.8B vs. $11.7B liabilities. $35B was property plant and equipment but that is only $5.8B after depreciation. In addition there is another $1.6B in preferred equity which would get paid before the equity. So $13.3B ranking above the equity and $7.8B of book assets. From the last 10-Q.

According to the Restructuring Support Agreement entered into by CHK and some of the debtors and described in this morning’s 8-K, “each holder of an equity interest in Chesapeake would have such interest cancelled, released, and extinguished without any distribution.“

The unsecured bonds which rank above the preferreds which rank about the equity are offered at 4 cents on the dollar this morning.

[chaarles]

They listed 16 billion assets and 11 billion debt in the bk voluntary petition.