Deals
Chesapeake Tumbles Toward Oblivion With Investors Losing Faith
- Debt-rescue plan includes asset sales that remove cash engines
- Shares dip to 30 cents as shale driller pursues reverse split
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Chesapeake Energy Corp.’s options for dealing with its towering debt load are shriveling as the natural gas driller seeks to auction off shale fields it needs to stay afloat.
Chesapeake’s bonds and shares plunged on Wednesday after Chief Executive Officer Doug Lawler mapped out a survival strategy predicated on a sweeping divestiture program that must be consummated within months in a market already glutted with North American gas holdings.