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Chesapeake Energy Corporation · Corporate

Chesapeake Energy Corporation: bankruptcy, 2020

Chesapeake Energy Corporation: bankruptcy credit event on 2020-06-28, worked through from its SEC filings. The 7.50% Senior Notes due 2026 (CUSIP 165167DB0) are a Deliverable Obligation: all 7 checks pass. Each result cites the clause behind it, or says when it rests on the absence of a clause.

1 instrument · 8 questions · 3 documents
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Verified outcome

EligibleIs the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?

Basis. All 7 checks pass on the record: the issuer is the Reference Entity, the instrument meets the Maximum Maturity, Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics, and it is Not Contingent.

Source clauses

For 7.50% Senior Notes due 2026

Reference entity
Chesapeake Energy Corporation
Credit event
Bankruptcy · 2020-06-28
Entity type
Corporate
Documents
3 in the record

Instruments

Each obligation has its own page with terms and questions.

Questions and verified answers

Open a question for the verified answer, its basis and how it was checked. Clause links open the documents below.

  1. #1 Is the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?
    Eligible
  2. #2 Does the instrument meet the Maximum Maturity characteristic (30 years)?
    Yes

    Ninth Supplemental Indenture of 2018-09-27

  3. #3 Does the instrument meet the Specified Currency characteristic (USD, EUR, JPY, GBP, CHF, CAD)?
    Yes

    Ninth Supplemental Indenture of 2018-09-27

  4. #4 Does the instrument meet the Not Subordinated characteristic?
    Yes

    Ninth Supplemental Indenture of 2018-09-27

  5. #5 Does the instrument meet the Not Bearer characteristic?
    Yes

    Ninth Supplemental Indenture of 2018-09-27

  6. #6 Is the instrument Not Contingent (principal not reducible for a reason other than payment)?
    Yes
    None: no clause making principal contingent was found.
  7. #7 Does the instrument meet the Transferable characteristic?
    Yes
    None: no clause restricting transfer was found.
  8. #8 Is the issuer of the instrument the Reference Entity?
    Yes
    No clause cited

Documents

The case record. 7 sections support the verified answers.

  • DOC-1 Chesapeake 8-K filed 2020-06-29, Item 1.03 Bankruptcy (and Item 2.04), petition 2020-06-28excerpts
  • DOC-2 Ninth Supplemental Indenture dated September 27, 2018, $400,000,000 7.50% Senior Notes due 2026 (EX-4.3)excerpts
  • DOC-3 Base Indenture dated April 24, 2014 (EX-4.1)excerpts

Timeline

  1. 2018-09-27Ninth Supplemental Indenture for the 7.50% Senior Notes due 2026 (filed as Exhibit 4.3), under the base indenture of 24 April 2014.
  2. 2020-06-28Chesapeake Energy Corporation and certain subsidiaries file voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas.

Related cases

Same entity first, then published cases with a similar event, entity type and questions.

Questions on this case: Deliverability, Deliverable Obligation Characteristic, Additional check, Reference Entity.

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