Debtwire is reporting that Chesapeake has hired Kirkland & Ellis to restructure their debt, which is in excess of $12 billion.
If true, this will undoubtedly send shockwaves throughout the oil and gas space. Already, SDRL, WLL, BBG and a slew of others are tanking.
Some of the pipeline stocks are getting it almost as bad as CHK, with WMB and ETE plunging over 30%.
Look at the carnage. Gawk at it; but don’t touch it.
restructure, yeah, right
you get nothing, you lose. /willy wonka
I dumped my small position minutes before trading was halted. I was stupid to own this one, and deserve to be punished.