Chesapeake shares fall drastically due to debt
USA The second-largest gas producer in the US fell hard amid multiple reports that they had hired US law firm Kirkland & Ellis for restructuring due to debt. Chesapeake already lost 85% of its market value over the last year.
The company has USD 9.8 billion of debt, with USD 1.3 billion due before the end of 2017, according to Bloomberg.
Rating agency Standard & Poor’s cut the producer’s credit-rating to CCC+, the worst performer on their 500 index, calling the company’s debt untenable.
Chesapeake’s Q4 and 2015 full-year report is expected to be published on February 24.
For more oil and gas news and features on the US, click here.
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