Chesapeake Energy Corp. collapsed to a 20-year low Wednesday, one day after the shale gas driller warned it may not be able to outlast low fuel prices and issued a “going concern” notice.
“While we don’t expect this move to come as a surprise given balance sheet issues, the going concern warning in the most recent 10-Q highlighted a declining leverage covenant that may be [to] difficult overcome in our view,” Tudor Pickering Holt & Co. said. The Houston-based energy investment bank on Wednesday downgraded its stock recommendation to a sell from hold.
But you and Kenney and Scheer said this only happens in Canada...
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