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Here's Why Chesapeake Energy Shares Were Halted on Tuesday
Shares of Chesapeake Energy (CHK - Free Report) were halted today after Bloomberg reported that the company is preparing to file for Chapter 11 bankruptcy.
The potential bankruptcy filing could give control of Chesapeake to the creditors holding roughly $9 billion in outstanding debt.
Trading has been extremely volatile these past couple of days, and the stock exploded from $14 on Friday to hit $69.92 at Monday’s close. On Tuesday, CHK crashed down 66% to $23.75 a share.
Chesapeake once held a market cap of over $37.5 billion, but its valuation now sits at just over $232 million.
CHK is one of many oil and gas stocks that have been rocked this year due to the price war between Saudi Arabia and Russia, as well as the coronavirus-related demand slowdown.
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