Shares of Chesapeake Energy slumped in Monday trading after the company said in a regulatory filing that “management has concluded that there is substantial doubt about the company’s ability to continue as a going concern.” Demand for energy has plummeted during the outbreak, driving prices for crude and natural gas sharply lower.
On Monday, the Oklahoma City-based company said in its 10-Q filing it was considering a bankruptcy court restructuring of its over $9 billion debt. Also in the filing, made to the Securities and Exchange Commission, the company said thee was “substantial doubt about the company’s ability to continue as a growing concern.” Chesapeake Energy shares, traded on the NYSE under the CHK symbol, were at $12.90 late on Monday.