Report: Chesapeake Energy Hires Restructuring Advisers

Chesapeake Energy (NYSE: CHK) has reportedly hired debt restructuring advisors to help it address its balance sheet following a historic crash in crude oil prices. According to a report by Reuters, Chesapeake hired restructuring lawyers at Kirkland & Ellis LLP and investment bankers at Rothchild & Co that specialize in reworking debt. The company is reportedly studying its options. 

Chesapeake Energy entered this year with $8.92 billion in debt, an increase from $8.17 billion at the end of 2018 due to the acquisition of Wildhorse Resource Development. It did, however, take several steps last year to improve its financial situation, including eliminating $900 million in debt during the fourth quarter through several exchange transactions. 

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Source Fool.com