Chesapeake Approaches Bankruptcy Exit With $1 Billion Debt Sale

Chesapeake Energy Corp. will sell $1 billion in notes as part of its plan to exit bankruptcy under control of its senior lenders, including Franklin Resources.

• Company announced the sale Tuesday morning, saying details of the debt offering are substantially the same as those made public in its court-approved reorganization plan
• Should the company finish the debt sale before it exits bankruptcy, the proceeds will be placed in escrow until all of the transactions needed as part of the reorganization are ready to be implemented, the company said
• Under that plan, which a judge in Texas approved earlier this ...