I've heard layoffs will continue for the next month or two and they are looking to get rid of a significantly larger amount of people than originally planned, is this true? I've heard people even mention 1000 folks will be cut which I think has to be ridiculous, that's nearly half of all employees!
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Old Chker, I worked at Chesapeake for almost 20 years. I took advantage of everything they had to offer. I was able to retire from my employment there. CHK was a huge part of my life and a wonderful career. I am very sad to see my CHK family having to struggle through these times. I love you guys. Keep your heads up!
I concur, 100% liquidation is a very serious possibility here.
InfectedwithCorona is very optimistic, he must still work in the App BU....
Complete liquidation
When you took the job at CHK you knew full well it was a temporary position. If you can last 7 years as I did, that is probably best case scenario. I was chopped in 2013. Retired now, and happily so!
I would believe that rockies and midcon are as good as gone, but the rest of that sounds a little too pessimistic. It seems like you love saying it, though. Must be a former employee. However, I would think more lay offs are to come after shedding a few assets. That's to be expected. This BK process is quite slow and is agonizing to some.
Unfortunately it’s not ridiculous at all.
Again, my source confirmed today that Midcon and Rockies are essentially a done deal for divestiture. That alone may result in up to 300 cuts.
Then, STX is being actively offered to some of the major creditors, the final swap value will be formulated upon the final agreements with the renegotiated (or failed) midstream contracts. We may have another 200 easy cuts there.
Brazos is tricky, it could have extracted out to recreate a proxi-Wildhorse independent, but nobody seems to be interested in the required further capital investment. It appears it will just be repossesses by the top debtholder and flipped at their own terms. Bye bye another 100+ employees there.
Gulf is dead, with maybe 20 well locations left.
They will have to essentially auction it for peanuts, just like Mid-con, and farewell to another 200+ tormented souls.
If they can pull one of their typical borderline criminal deals, they manage to restructure the residual debt to hold on Appalachia. Essentially a duplicate of Cabot. For which you maybe need 500 top employees...
So, good luck to the next 1,000+ unemployment recipients !