Desperate For Cash, $CHK to Sell Prized Properties

Chesapeake Energy Corp plans to sell its pipeline and related assets to Global Infrastructure Partners for more than $4 billion, as the company scrambles to plug an estimated $10 billion funding shortfall and prepares to face what promises to be a fiery annual shareholder meeting later on Friday.

The second-largest U.S. natural gas producer, whose shares have lost about half their value over the last year, is trying to convince its shareholders that it is still a good investment despite steep drops in profits and corporate governance scandals centered around Chief Executive Officer Aubrey McClendon.

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