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WRD - Chesapeake Energy: A Successful Effort Start To A Speculative Future
WildHorse Resource Development Corporation
The last part of the latest series of financial reorganizing accomplished by Chesapeake Energy (CHK) management was just announced a success. More than 99% of the bondholders for the bonds issued by the WildHorse (WRD) related subsidiaries were tendered. There is also a proposal that will be accepted to strip the remaining less than 1% outstanding of their material protection covenants. That should enable Chesapeake Energy to use the cash flow generated by the acquired subsidiaries. Previously, the outstanding bonds prevented any spare cash from being transferred to Chesapeake for general