Debtwire will be live blogging opening arguments in the plan confirmation trial of Chesapeake Energy on Tuesday, 15 December, at 12pm CT.
The oil and gas company’s plan would fund its exit with USD 2.5bn in new financing and a USD 600m rights offering, while prepetition creditors would share the company’s equity. The plan is fiercely opposed by the unsecured creditors committee (UCC), which argues that the company is valuing its assets at billions of dollars below what they’re actually worth. The UCC argues that the trial will take 15 days but the debtor estimates six days.
Your bloggers today are Pat Holohan and Taylor Harrison.