Chesapeake Energy fails miserably

摘要

Chesapeake enercy's attempt to ease its short-term liquidity woes looks set to fail miserably after the early take-up of a debt swap offer was shunned by many of its bondholders. The troubled oil and gas company extended Wednesday's deadline for the bond exchange by two days as it tried to buy time to service its massive pile of debt. Participation rates from holders of the company's 2017 and 2018 bonds were just 10%-28%, amounting to just US$352m tendered in aggregate on US$1.7bn in face value. Longer-dated bonds saw around 40% participation.