Chesapeake Energy Plunges Amid Report Co. Hired Restructuring Expert

Shares of Chesapeake Energy Corporation (NYSE: CHK) plunged lower by more than 35 percent on Monday and hit a new 52-week low of $1.75 following reports that the company is exploring restructuring options.

As of 10:31 a.m. ET, shares had been halted four different times on a circuit breaker.

Bloomberg reported in late 2015 that Chesapeake Energy hired Evercore Partners to help it reorganize $11.6 billion of debt. The publication added at the time that the company is looking to improve its liquidity by cutting its debt through a bond exchange or an asset sale.

CNBCNow, citing a report by Reuters, Tweeted on Monday that Chesapeake Energy has hired the services of Kirkland & Ellis, a restructuring attorney to explore restructuring options.

BREAKING: Chesapeake Energy has hired Kirkland & Ellis to explore restructuring options, Reuters reports; $CHK shares plummet more than 40%

— CNBC Now (@CNBCnow) February 8, 2016