$CHK management may be able to offer up a basin or two (portion each)to refinance the debt over a much longer runway (20 years) and lower % (half rate). If the banks demand payment on current runway and rates, with the covenants, it would be very challenging. They need to do something quite aggressive here. No one here is dumb, it's a great business, energy is important, but these covenants are not fair, truly reading the detail it was holding the company to impossible standards (in my opinion only), and everyone, including the business and employees should have a fair shake, and the banks should receive something very fair for assisting (sizeable, additional equity). This is a shame, I am rooting for this company! I think there is a way, but it is quite serious. Hopefully, the financiers will help, lots of employees too. Hopefully they can come to a win-win.
  • 4