Chesapeake Offers to Buy Back $1.2B of Outstanding Debt

Chesapeake Energy is leveraged up to its neck with elaborate loans up loans and notes (IOUs) upon notes. We don’t know how they keep it all straight. Must take an entire department full of CPAs to track it all. No doubt the CPAs escaped CEO Doug Lawler’s ax when he was chopping 1,500 jobs from the company (see Chesapeake’s Doug Lawler Gave Himself a Raise After Firing 1,500+). But we digress. Back to the notes. On Tuesday Chesapeake announced a plan to purchase back up to $1.2 billion of outstanding notes. They actually issued four different press releases to describe all of the various notes they’re attempting to buy back. Keep in mind there’s still more than $6.2 billion in outstanding debt–this buyback is just 19% of the outstanding debt owed. Still, the company is making progress, we’ll hand them that…

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