The saga of the gas giant Aubrey McClendon’s built, Chesapeake Energy, enters its endgame, when moments ago following a Debtwire report that the company has hired Kirkland and Ellis as its restructuring/bankruptcy attorney – typically a step taken just weeks ahead of a formal Chapter 11 filing – the stock has plunged 22% to $2.40, the lowest price in the 21st century, and for all intents and purposes, ever.
In a few weeks we will see just how many banks were properly “provisioned” for this now imminent bankruptcy that may just unleash the default wave so many have been waiting for.
via Zero Hedge http://ift.tt/20F1H7P Tyler Durden