This article appeared online at TheNewAmerican.com on Tuesday, February 9, 2016:
On Monday, at 11:18 a.m., the second-largest natural gas company in the country issued this terse statement:
Kirkland & Ellis LLP has served as one of Chesapeake’s counsel since 2010 and continues to advise the company as it seeks to further strengthen its balance sheet following its recent debt exchange. Chesapeake currently has no plans to pursue bankruptcy and is aggressively seeking to maximize value for all shareholders.
Ominously, when Timothy Puko of the Wall Street Journal asked for clarification, he wrote “A Chesapeake spokesman declined to elaborate further.”
The company has been in survival mode since