BEN - Chesapeake Energy on verge of bankruptcy exit

Chesapeake Energy (CHKAQ) says it is poised to emerge from Chapter 11 bankruptcy this month as a high-volume, low-cost natural gas producer with little drilling planned on its shale oil leases this year.The company says it will sell $1B in notes as part of its court-approved reorganization plan to exit bankruptcy under control of its senior lenders, including Franklin Resources (BEN).Under the plan, which a judge in Texas approved last month, the company will cut $7B in debt.Chesapeake also has renegotiated midstream contracts across all of its basins to reduce minimum volume commitments and firm transportation obligations.The company says it plans to keep three rigs running in Pennsylvania's Marcellus Shale, 2-3 rigs drilling in the Haynesville Shale of Texas and Louisiana, and one rig drilling in Texas' Eagle Ford Shale 50% of the time.Chesapeake's 2021 rig plan contrasts sharply with the 18 rigs the company operated in 2019 before filing

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Chesapeake Energy on verge of bankruptcy exit