Shale oil and natural gas company Chesapeake Energy Corporation (CHK) announced that it has suspended dividend payments on each series of its outstanding convertible preferred stock with immediate effect.The dividend suspension comes just days after the debt-laden shale producer’s shareholders on Monday voted in favor of a reverse stock split at a ratio 1:200, a move aimed at boosting its share price to stave off a delisting that could trigger calls for some immediate debt repayment. The move was initiated after Chesapeake shares plunged 81% this year to as low as 16 cents.“Suspension of the dividend does not constitute an …read more
Source:: Yahoo Finance
