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Debt is one thing, being mortgaged to the hilt is another.
Dec 02 22:16 pm
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All Comments by SlipperyWing »Chesapeake Energy Continues to Shore Up Its Balance Sheet [View article]
There are contractors (contract tool pushers, welders, excavators, etc) and service companies (SLB, HAL) in Oklahoma who have not been paid by Chesapeake in over 12 months. There are also working interest holders that have common interests with CHK that have not been paid for production in over 12 months (a 6 month lag is more typical).
Chesapeake is essentially holding their money interest free, and have no desire to pay out.
I suspect that you'll hear more about this trend after January 1st, when it makes sense for third parties to start demanding their money (why demand money in December and pay taxes on it for all of 2008).
Chesapeake is in deep trouble, and their cash on hand won't even service their debt, much less pay off common interest holders.