Chesapeake, Franklin Head to Bankruptcy Showdown With Creditors

(Bloomberg) — Chesapeake Energy Corp. and Franklin Resources Inc. will need to defend their debt restructuring plan in December from attack by unsecured creditors who claim the proposal is built on a fraudulent scheme, a judge said Friday.U.S. Bankruptcy Judge David Jones said he’ll consider the creditors’ claims Dec. 15 when he decides whether to approve Chesapeake’s proposal to exit bankruptcy by handing the company to senior lenders including Franklin. Jones also approved a disclosure statement that creditors will use to decide how to vote on Chesapeake’s reorganization plan.Between now and Dec. 15, a committee of unsecured creditors will prepare …read more

Source:: Yahoo Finance


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