Chesapeake Emerges from Ch. 11 Bankruptcy, Stock Restarts Trading

Yesterday the mighty Chesapeake Energy emerged from Chapter 11 bankruptcy having hosed previous stockholders (making their shares of stock worthless), and making the company's debtors the new shareholder/owners. The company dumped $7.8 billion worth of debt and emerges with $1.27 billion in debt on the books. As we told you last week, everything old is new again: the company will focus on natural gas drilling and downplay oil drilling (see Chesapeake Refocuses on NatGas, Offers $1B in Post-Bankruptcy IOUs).

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