In mid-March, MDN brought you the news that Chesapeake Energy had hired “restructuring advisers” to help the company navigate a $9 billion debt millstone hanging around its neck (see Chesapeake Energy Hires “Restructuring Advisers”). We got some blowback at the time for implying restructuring is more-or-less a euphemism for bankruptcy. Fair enough. Sometimes restructuring avoids bankruptcy. But Chesapeake’s stock is now down 99% in value, trading this morning at 17 cents per share. The picture by anyone’s standard is pretty bleak. The company is about to do a reverse stock split to boost the per-share price. What happens next? Can the company stay out of the bankruptcy ditch?