Judge rules in Chesapeake’s favor
An Oklahoma County district court judge on Friday ruled in favor of Chesapeake Energy Corp. and its directors in a case that could have stopped the company’s efforts to sell assets and pay down debt.
A Chesapeake shareholder had asked the judge for a temporary restraining order that would prevent the company from borrowing money or selling assets until the company would “fully disclose the existence, extent and details” of CEO Aubrey McClendon’s debt and other deals with third parties that also do business with Chesapeake.
The lawsuit essentially tried to resurrect and add to a 2009 case against Chesapeake that has been on hold for three years. Judge Bryan Dixon on Friday denied the motion to allow the case to move forward, allowing Chesapeake to continue with its plan to sell $9.5 billion to $11 billion in assets this year.
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