Over the past half-decade or more we’ve read and often reported on rumors and speculation that Chesapeake Energy Corporation, co-founded by Aubrey McClendon (who was later ousted by corporate raider Carl Icahn) would have to declare bankruptcy. Aubrey loaded the company up with debt. His successor, Doug Lawler, has tried to whittle that debt down, but he’s done his own fair share of larding the company up with debt too (see Chesapeake Now Gone from Ohio Utica; Spends $4B in Eagle Ford. Reuters is reporting the company has just hired “restructuring advisers.” A euphemism for bankruptcy advisers?
NOTE: We’ve been contacted by several readers to alert us that the restructuring advisers hired by Chessy were used by the company previously to restructure debt in 2016 (without filing for bankruptcy). Did we jump to the wrong conclusion about their hiring this time? Perhaps! Time will tell.