Chesapeake Shares Halted After Insane Market Action; Bankruptcy Filing Believed Imminent

切萨皮克公司股票交易暂停，因市场出现异常波动；有消息称该公司可能即将申请破产。

Trading in Chesapeake Energy

切萨皮克能源公司的交易情况

CHK

CHK

was halted at the market open today following a wild ride that had seen shares explode from $14 on Friday to hit $84.75 on Monday amid volume so high it prompted 22 trading halts. Overnight, shares fell by as much as 50%, only to be stopped again before regular trading hours. This despite mounting rumors of an imminent bankruptcy filing and abandonment weeks ago by equity analysts convinced the equity will go to zero amid Chapter 11 restructuring.

该公司股价从上周五的14美元飙升至周一的84.75美元，期间成交量巨大，导致22次交易暂停。 一夜之间，股票大幅度下跌了50%，但在正规交易时段开始前再次被暂停。 尽管有越来越多的传言称，该公司即将申请破产并放弃运营，而在数周前的股票分析师也认为在实施第11章重组期间，该公司的股价跌至零。

Much of the price action appears to be attributed to retail investors new to day trading on the no-commission Robinhood platform — who are set to learn valuable lessons about the nature of capital structures and the pecking order of recoveries in a bankruptcy. Chesapeake is burdened with $9 billion in debt, including more than $3 billion of secured debt, and even bond investors don’t think all that paper will be made whole, as evidenced by the company’s unsecured notes due in August trading this morning at 5.85 cents, for a 6,700% implied yield. A 2025 issue traded yesterday at just 5 cents on the dollar, according to FINRA data.

大部分的价格波动似乎要归因于初次在无佣金的罗宾汉平台进行交易的散户投资者--他们将从这次经历中汲取有关资本结构和破产清算中资产回收顺序上的重要教训。切萨皮克公司背负着90亿美元的债务，其中包括超过30亿美元的有担保债务，甚至连债券投资者也认为这些债务中大部分的无法全额收回，这从该公司8月份到期的无担保债券今晨的交易价格为5.85美分，隐含收益率为6,700%就证明了这一点。 根据美国金融业监管局的数据，2025年该公司发行的债券昨日的交易价格仅为1美元兑5美分。

Chesapeake has been working for months with a team reportedly including Kirkland & Ellis and Rothschild & Co. to negotiate with creditors and solicit debtor-in-possessing financing.

据报道切萨皮克公司已与一个由凯里兰侓师事务所和罗思柴尔德公司机构组成的团队合作了数月。与债权人进行谈判，并寻求债务人托管融资方案。

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The collapse of Chesapeake has been grueling. The company was already floundering seven years ago when CEO Doug Lawler took over following the dethronement of mercurial co-founder Aubrey McClendon (d. 2016), who had steered the company to gobble up millions of acres of prospective shale acreage using borrowed money — a reckless land grab that landed McClendon on the cover of Forbes as the ringleader of America’s fracking boom. Lawler’s remit was to bring some order to the madness and get debt under control. But despite billions of dollars of asset sales, his efforts have ultimately been stymied by stubbornly low natural gas prices — which have fallen from $14 per thousand cubic feet when McClendon began his land grab, to a current $1.78.

切萨皮克公司的倒闭过程异常艰难。 7年前，当首席执行官道格•劳勒接任易变的联合创始人奥布里•麦克伦登（于2016年去世）的职位时，该公司已经陷入困境。奥布里•麦克伦登曾带领公司利用借来的资金收购了数百万英亩的潜在页岩油田--这一鲁莽的扩张行为使麦克伦登登上了《福布斯》杂志的封面，成为美国页岩气繁荣的幕后推手。 劳勒的职责是整顿混乱局面并控制债务。但尽管进行了数十亿美元的资产出售，他的努力最终还是受到了因天然气价格持续低迷而阻碍--从麦克伦登开始收扩张时的每千立方英尺14美元，跌至目前的1.78美元。

Already this year Chesapeake has written $8.5 billion in value off its balance sheet due to impairment of assets, and orchestrated a 1-for-200 reverse stock split in a desperate attempt to prevent shares from being delisted by the NYSE.

截至目前，切萨皮克公司因资产减值已经从资产负债表中减记了85亿美元，并策划了一次1比200的反向拆股，以防止股票被纽约证券交易所摘牌。

Top management even found a way to insulate themselves from the share price collapse, revealing in a May 5 filing that 21 top executives including Lawler had agreed to take deep cuts to their stock option compensation in exchange for $25 million in cash retention payments. Lawler’s total comp over 7 years has been in excess of $90 million.

高层管理人员甚至找到了一种方法来避免受股价暴跌的影响，他们在5月5日提交的一份文件中透露，包括劳勒在内的21名高层管理人员已同意大幅削减股票期权薪酬，以换取2500万美元的现金留存补偿。劳勒7年来的总薪酬已经超过9000万美元。

As of noon in New York, Chesapeake shares remained halted at $69.92. More than 38,000 accounts on Robinhood own Chesapeake.

截至纽约时间中午时分，切萨皮克公司的股价仍停在69.92美元。罗宾汉平台上超过38000个账户持有切萨皮克公司的股票。