This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.
Here is a sample of this item:
by Stockwatch Business Reporter
West Texas Intermediate crude for July delivery added $1.26 to $38.38 on the New York Merc, while Brent for August added $1.24 to $40.96 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.20 to WTI, up from a discount of $9.30. Natural gas for July lost six cents to $1.61. The TSX energy index added 1.46 points to close at 81.43.
The bankruptcy countdown is on for former U.S. shale giant Chesapeake Energy Corp. (U:CHK), which lost $3.51 (U.S.) to $15.36 (U.S.) on 4.48 million shares, amid rumours that it will file for Chapter 11 bankruptcy before the end of the week. Three sources told Reuters that Chesapeake is in the final stages of negotiating a $900-million (U.S.) debtor-in-possession loan to support its operations while under Chapter 11 protection. The company is also trying to bundle some of its existing debt into the bankruptcy loan, bringing the amount closer to $2-billion (U.S.). That number still pales next to Chesapeake's total debt load of over $9-billion (U.S.). As previously discussed in the Energy Summary last Tuesday, June 9 -- one day after the stock blipped up as high as $77.50 (U.S.), a losing roll of the dice if ever there was one -- Chesapeake has been getting trounced by its debt for months. Its stock got so low that it conducted a 1-for-200 rollback two months ago to give the illusion of a healthier share price. Adjusting for the rollback, the $15.36 (U.S.) stock has fallen from $430 (U.S.) over the last year and from $8,670 (U.S.) since 2008.
The remainder is available to Stockwatch subscribers.
© 2020 Canjex Publishing Ltd. All rights reserved.