Item 1.03 Bankruptcy or Receivership.



As previously disclosed on June 28, 2020, Chesapeake Energy Corporation
("Chesapeake") and certain of its subsidiaries (together with Chesapeake, the
"Company") filed voluntary petitions for reorganization under Chapter 11 of the
Bankruptcy Code (the "Chapter 11 Cases") in the United States Bankruptcy Court
for the Southern District of Texas (the "Bankruptcy Court"). The Company's
Chapter 11 Cases were jointly administered under the caption In re Chesapeake
Energy Corporation, et al., No. 20-33233 (DRJ).
On January 16, 2021, the Bankruptcy Court entered an order (the "Confirmation
Order") confirming the Fifth Amended Joint Chapter 11 Plan of Reorganization of
Chesapeake Energy Corporation and Its Debtor Affiliates (the "Plan"). The
Debtors expect that the effective date of the Plan will occur once all
conditions precedent to the Plan have been satisfied (defined in the Plan as the
"Effective Date").
Summary of the Plan
The following is a summary of the material terms of the Plan as approved and
confirmed by the Bankruptcy Court. This summary highlights only certain
substantive provisions of the Plan and is not intended to be a complete
description of the Plan. This summary is qualified in its entirety by reference
to the full text of the Confirmation Order, which includes the Plan as an
exhibit, which is attached hereto as Exhibit 2.1 and incorporated herein by
reference. Among other things, the Plan provides for (in each case, as more
fully described in the Plan, and capitalized terms having the meanings ascribed
to them in the Plan):
•other than the Administrative Claims, Professional Claims, DIP Claims and
Priority Tax Claims, the Claims and Interests in the Debtors have been
classified into 10 classes, the treatment of which is set forth in Article III
of the Plan. In particular, on the Effective Date, all of the Debtors' Existing
Equity Interests (Class 10), including the Company's common stock, will be
cancelled, released and extinguished, and will be of no further force or effect,
and each holder of an Existing Equity Interest will not receive any distribution
on account of such Existing Equity Interest;
•entry into the Exit Facilities Loans;
•issuance and distribution of the Rights pursuant to the Rights Offering and
subsequent issuance and distribution of New Common Stock and New Warrants;
•establishment of a Convenience Claim Distribution Reserve to be funded with $10
million in accordance with the Plan and held in trust solely for distributions
to holders of Convenience Claims; and
•implementation of Restructuring Transactions to effectuate a corporate
reorganization that will align and consolidate the Debtors' businesses and
related assets and liabilities.
Capital Structure
There were 9,780,547 shares of the Company's common stock outstanding as of
January 16, 2021. On the Effective Date, the Company's common stock will be
cancelled and holders thereof will not receive a distribution on account of
their equity interests. Under the Plan, the Reorganized Company's New
Organizational Documents will become effective on the Effective Date. The
Reorganized Company's New Organizational Documents will authorize the
Reorganized Company to issue the New Common Stock.
The New Common Stock and New Warrants of the Reorganized Chesapeake issued
pursuant to the Plan will be issued without registration under the Securities
Act of 1933, as amended (the "Securities Act"), or any similar federal, state,
or local law in reliance upon section 1145 of the Bankruptcy Code and Section
4(a)(2) of the Securities Act and Regulation D thereunder.

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Certain Information Regarding Assets and Liabilities of the Company
In the Debtors' most recent monthly operating report filed with the Bankruptcy
Court on December 18, 2020, the Debtors reported total assets of approximately
$6.9 billion and total liabilities of approximately $11.8 billion as of November
30, 2020. This financial information has not been audited or reviewed by the
Company's independent registered public accounting firm and may be subject to
future reconciliation or adjustments. This information should not be viewed as
indicative of future results.
Cautionary Note Regarding the Company's Common Stock
The Company cautions that trading in the Company's securities during the
pendency of the Chapter 11 Cases is highly speculative and poses substantial
risks. On the Effective Date, the Company's common stock will be cancelled, and
holders thereof will not receive any recovery.
Item 9.01 Financial Statements and Exhibits.

(d)  Exhibits
    Exhibit No.            Document Description
        2.1                Order Confirming the Fifth Amended Joint Chapter 11 Plan of Reorganization
                           of Chesapeake Energy Corporation and its Debtor Affiliates.
       104.0               Cover Page Interactive Data File - The cover

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