This from the 2nd quarter report.
"The borrowing bases of both credit facilities were re-affirmed in May 2019 with the next re-determination dates scheduled for the 2019 fourth quarter."
If 3rd quarter reports come out with a large cash position run! Chk has maintained $5M (for insurance purposes) for years. If 3rd quart reports has even $25M in the bank that's a bad sign for their line of credit. Which is re-evaluated in the 4th quarter. Bankruptcy to follow any kind of cash position.
CHK has done a pretty decent job kicking the can down the road they only have $300M in debt maturities next year. The problem is their debt keeps growing, their stock is constantly diluted, and their acreage is depleting. CHK needs a substantial price recovery to survive. WWIII or the return of Christ could do this, so keep an eye out.
DL seems like a fighter. Does he know how to lose? I think he goes down kicking and fighting in Chapter 7, saying "we will not loose!" Small chance of Chapter 11, that would be like losing twice and that's not really his thing.
The bottom line is CHK doesn't give a rip about stock holders. They can't. CHK is beholdent to creditors. If you think DL makes allot of money, compare it the the 8% of $10Billion the creditors get ever year. Who actually runs the company? Duh, the person who makes the most money and that's not DL. He would do what ever it takes to keep the credit flowing.