Chesapeake Plummets Over 20% On Report It Has Hired Bankruptcy Attorneys

Submitted by Tyler Durden on 02/08/2016 09:07 -0500

• Chesapeake Energy
 
• Debtwire
 
• default

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The saga of the gas giant Aubrey McClendon's built, Chesapeake Energy, enters its endgame, when moments ago following a Debtwire report that the company has hired Kirkland and Ellis as its restructuring/bankruptcy attorney - typically a step taken just weeks ahead of a formal Chapter 11 filing - the stock has plunged 22% to $2.40, the lowest price in the 21st century, and for all intents and purposes, ever.

In a few weeks we will see just how many banks were properly "provisioned" for this now imminent bankruptcy that may just unleash the default wave so many have been waiting for.

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