16:10 sale at $3.06 of 40,085 and 38,562 shares.
You're welcome. Bump to the top again. Not enough shorties read it. The law firm is Counseling on near term debt obligations. Maybe a new offer to switch maturity coming soon.
While you were spouting BS, I got my crockpot ready to cook pulled pork chili for dinner (from my own pulled pork), changed water for my King Betta fish, and cleaned up a garden bed. I also planted 68 carnation cuttings. And I didn't miss anything important here. What did you do besides pick your nose?
Meanwhile, the USD 2.4bn 8% second lien notes traded at 40 today for a 28.261% yield, down from 45 on 28 January. Its USD 822m 6.625% unsecured notes due 2020 traded at 25 today, down from 28 on 29 January.Chesapeake’s stock traded at USD 3.06 today for a market capitalization of USD 2.03bn.Kirkland has worked with Chesapeake dating back to 2010, added another source familiar with the matter. The firm’s website indicates that its litigation practice has represented the company in state and federal courts on issues related to oil and gas leases.Chesapeake declined to comment. Kirkland did not respond to requests for comment.
Here it is:
Chesapeake Energy taps restructuring counsel
05 February, 2016by Alexander Gladstone, and Jon Berke Chesapeake Energy recently brought on restructuring attorneys from Kirkland & Ellis to discuss balance sheet solutions, said three sources familiar with the matter.The Oklahoma-based natural gas giant faces a wave of bond maturities, including one due in just over a month.Late last year the company rolled out an exchange offer across all 10 tranches of its unsecured bonds, aimed at delevering its balance sheet and addressing the near-term maturities by exchanging them at a discount into new 8% second lien notes. While the exchange succeeded in cutting total debt by USD 1.4bn to USD 10.4bn, the results were lackluster as only 24% (USD 780m face amount) of holders of nearer-dated bonds maturing through 2019 tendered, while the majority of acceptances (USD 3.8bn) came from holders of longer-dated notes. As of 30 September, Chesapeake had total liquidity of USD 5.75bn, comprising USD 1.76bn of unrestricted cash, and full availability on its USD 4bn first lien revolver due 2019. Going forward, the company could use that liquidity to fund the 15 March maturity of its USD 476m 3.25% unsecured notes, sources said.The company will subsequently face a spring redetermination on its revolver borrowing base, which is expected to further reduce liquidity. Going forward, addressing two bond maturities in 2017 amounting to over USD 1bn will be a challenge for the company, buyside and sellside sources said.Given the prospect that a restructuring could loom on the horizon, there are some doubters in the market as to whether Chesapeake will use its liquidity to pay off the upcoming March maturity, reflected in the bond’s trading levels below par. The USD 476m 3.25% notes traded at 95 today, according to MarketAxess.
Yes and they saved this little tidbit for a big market down day. That law firm probably even worked the pipeline deal last year.
Buy stocks today. BUY BUY BUY. If you read this interview you will realize that the world stock markets are undervalued and will explode by year end. The world economy will grow 3.5% this year. The world continues to consume more oil.
Mikey, you should read this part several times and have someone explain it to you.
SS: But is that a realistic price? Do you think we will ever see oil go up to $125 again?
MS: It will, eventually, because, if you look now, even if the price is around $33, to the fundamentals of the global oil markets, the fundamentals are positive, meaning that, according to the World Bank and to the IMF, it is projected that the global economy will grow this year at 3.5% and furthermore, the IEA in Paris has indicated that this year, the global demand for oil is growing at 1.4% or 1.5 million barrels a day. Even China, whom they say, their economy is slowing - well, their economy grew 7% in 2015 and is projected to match this, or a bit less, this year. So, they are a far bigger economy that they were in 2007, few years ago. So, all the fundamentals are positive, so that should be reflected in the higher oil price, even if OPEC does not cut production.
He also believes that OPEC cuts are coming. Google the above to see his opinions.
"With oil prices at their lowest point, nations relying on oil are suffering - and it's not just Russia and Venezuela. Even OPEC members are in trouble, despite having the power to change the balance on the market. But they have been unable to reach such an agreement - at least up until now. With rumors of OPEC finally deciding to cut production, will the oil market rise again? And why are Saudi Arabia and the Gulf nations, now being forced to cut spending, persisting in their position on the issue? We ask international an oil economist and a World Bank consultant. Dr. Mamdouh G. Salameh is on Sophie&Co today. "
Russia can pay for its government with devalued currency, more rubles per barrel. The Saudis get fewer riyal per barrel with a strong dollar to run their country. King Salman is old and in poor health. Most of the royals and the clerics are not in favor of the king nor his son. The Saudis have both internal and external political problems that make Russia look stable.