Chesapeake shares dropped more than 40% on Monday morning and were briefly halted for volatility.
Bloomberg had reported late last year that the company hired restructuring law firm Evercore, as it continues to struggle in the wake of the oil crash.
The oil and natural gas company had been bleeding cash for the last decade or so, even before the recent plunge in oil prices.
Here’s a chart showing the drop in shares on Monday:
More to come …
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