Report: Chesapeake Energy is on the Verge of Filing for Bankruptcy
Chesapeake Energy (NYSE: CHK) is preparing to file for bankruptcy within the next week, according to a report by Reuters. The company could file as soon as Thursday, though it's negotiating with creditors, which could push the timing into next week.
According to the report, Chesapeake is putting the finishing touches on about $900 million of debtor-in-possession financing, which will support its operations during the bankruptcy process. The company is in talks with other creditors to "roll-up" some of its existing debt into that package, which could bring the total to around $2 billion.
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Source Fool.com
