In the Chapter 11 announcement, Lawler added that the company is "fundamentally resetting" its capital structure and business "to address our legacy financial weaknesses and capitalize on our substantial operational strengths." "While today is a challenging day, your leadership team and I are confident that this is the best path forward for Chesapeake, and that we will emerge from the Chapter 11 process as a stronger and more competitive company," Lawler said in a memo to employees. Chesapeake 's share price has fallen nearly 93% in 2020. Prices have tumbled throughout the coronavirus pandemic as demand has crumbled and the economic expansion that began in 2009 ended in February. The company announced its bankruptcy filing on Sunday, amid a brutal time for the energy sector.
Extravagances further included a season ticket package to the NBA's Oklahoma City Thunder that was the biggest in the league and a lavish campus that was modeled after Duke University, complete with bee keepers, botox treatments and chaplains for employees. Other revelations include a wine collection in a cave hidden behind a broom closet in the Chesapeake office.
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