Weakened financial position drives Chesapeake Energy to seek outside help

The Motley Fool financial site says Chesapeake Energy Corp. finds itself in a considerably weakened financial position compared to a year ago after it had sold a “huge swath” of its acreage in the Marcellus and Utica shale plays to Southwestern Energy for roughly $5 billion. The site says Chesapeake has “burned through more than half of that cash due to ill-timed debt buybacks and ill-advised growth” and has also been hurt by the drop in natural gas prices. As a result, Chesapeake is being forced to reach out for help, with it reportedly hiring restructuring advisor Evercore Partners to address its debt of around $11.6 billion, says the Motley Fool. For more, read the full story.

Ohio, Pennsylvania, West Virginia