Chesapeake Energy says it has no plans to pursue bankruptcy following stock plummet

Chesapeake Energy stock has fallen 40% since the opening bell.The stock is now trading for $1.83 per share.It's fallen more than $1 since trading began at 8:30 a.m. Trading of the stock has been halted due to volatility.A debtwire report was issued that the company has hired a bankruptcy attorney, which is typically done a few weeks before a company files for Chapter 11 bankruptcy.Chesapeake released the following statement after its stock dropped:"Chesapeake Energy Corporation (CHK) stated today that Kirkland & Ellis LLP has served as one of Chesapeake's counsel since 2010 and continues to advise the company as it seeks to further strengthen its balance sheet following its recent debt exchange. Chesapeake currently has no plans to pursue bankruptcy and is aggressively seeking to maximize value for all shareholders."31967416

Chesapeake Energy stock has fallen 40% since the opening bell.

The stock is now trading for $1.83 per share.

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It's fallen more than $1 since trading began at 8:30 a.m. Trading of the stock has been halted due to volatility.

A debtwire report was issued that the company has hired a bankruptcy attorney, which is typically done a few weeks before a company files for Chapter 11 bankruptcy.

Chesapeake released the following statement after its stock dropped:

"Chesapeake Energy Corporation (CHK) stated today that Kirkland & Ellis LLP has served as one of Chesapeake's counsel since 2010 and continues to advise the company as it seeks to further strengthen its balance sheet following its recent debt exchange. Chesapeake currently has no plans to pursue bankruptcy and is aggressively seeking to maximize value for all shareholders."

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