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Closed
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List of Participating Bidders Published
List of Participating Bidders - Issue Number 2020062901 - Chesapeake Energy Corporation - 07/31/2020
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Ongoing
Americas DC Decision - Issue Number 2020062901 (Chesapeake Energy Corporation) - 07/31/2020
DC Statement July 31, 2020:
Pursuant to Section 3.3(h) of the DC Rules, the Americas DC considered the Outstanding Principal Balance of certain 11.5% Senior Secured Second Lien Notes due 2025 (the Second Lien Notes) issued by Chesapeake Energy Corporation (Chesapeake) in connection with (a) Chesapeake’s December 2019 offer to exchange the Second Lien Notes for certain outstanding senior unsecured notes (the Exchange Offer), and (b) Chesapeake’s subsequent December 27, 2019 private offering of the Second Lien Notes (the Private Offering).
After considering publicly available information relating to the Exchange Offer and Private Offering, and Section 3.8(a)(iii)(B)(x) and Section 3.8(a)(iii)(B)(y) of the 2014 ISDA Credit Derivatives Definitions as supplemented by the 2019 Narrowly Tailored Credit Event Supplement to the 2014 ISDA Credit Derivatives Definitions (the NTCE Supplement), the Americas DC determined that for purposes of Section 3.3(h) of the DC Rules, the Outstanding Principal Balance of the Second Lien Notes is par and that no reduction or discount would apply to the Outstanding Principal Balance of the Second Lien Notes.
Similarly, the DC considered the Outstanding Principal Balance of the Second Lien Notes with respect to Credit Derivative Transactions incorporating the (a) 2014 ISDA Credit Derivatives Definitions without the NTCE Supplement, or (b) 2003 ISDA Credit Derivatives Definitions, as supplemented by the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement, and in each case determined that the Outstanding Principal Balance of the Second Lien Notes is par and that no reduction or discount would apply to the Outstanding Principal Balance of the Second Lien Notes.
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Final List Published
Final List - Issue Number 2020062901 (Chesapeake Energy Corporation) - 07/29/2020, CUSIP added 07/31/2020
Redline of Final List Reflecting Addition of CUSIP - Issue Number 2020062901 (Chesapeake Energy Corporation) 07/31/2020
Americas DC Decision - Issue Number 2020062901 (Chesapeake Energy Corporation) - 07/29/2020
DC Statement July 29, 2020:
The Americas DC notes that the amended order (i) approving notification and hearing procedures for certain transfers of common stock and preferred stock and (ii) granting related relief with respect to Case No. 20-33233 (the Chesapeake Chapter 11 Bankruptcy proceeding) (available here) (the Amended Trading Order) was filed with the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division on July 21, 2020. The Amended Trading Order clarifies that the 5.500% Convertible Senior Notes due 2026 (CUSIP: 165167CY1) (the Convertible Notes) are not subject to the terms of the Amended Trading Order, and therefore the Convertible Notes have been included on the Final List of Deliverable Obligations published by the DC Secretary.
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Final Auction Terms Published
Final Auction Settlement Terms - Issue Number 2020062901 - Chesapeake Energy Corporation - 07/29/2020
Redline of Final Auction Settlement Terms against the Draft Auction Settlement Terms
Redline of Final Auction Settlement Terms against California Resources Corporation
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Draft Auction Terms Published
Americas DC Decision - Issue Number 2020062901 (Chesapeake Energy Corporation) - 07/24/2020
Draft Auction Settlement Terms - Issue Number 2020062901 (Chesapeake Energy Corporation) - 07/24/2020
Redline of Draft Auction Settlement Terms against California Resources Corporation
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Auction Information Published
Americas DC Decision – Issue Number 2020062901 (Chesapeake Energy Corporation) – 07/20/2020
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Ongoing
Americas DC Decision - Issue Number 2020062901 (Chesapeake Energy Corporation) - 07/17/2020
DC Statement July 17, 2020:
The Americas DC met on July 17, 2020 and Resolved that pending the resolution of the status of the 5.500% Convertible Senior Notes due 2026 (CUSIP: 165167CY1) (the “Convertible Notes”) under the order (i) approving notification and hearing procedures for certain transfers of common stock and preferred stock and (ii) granting related relief dated as of June 29, 2020, with respect to Case No. 20-33233 (the Chesapeake Chapter 11 Bankruptcy proceeding) (available here), the Auction Date should be delayed to a date no earlier than August 4, 2020. The Americas DC will Resolve the new Auction Date next week. The Auction Settlement Terms and Final List of Deliverable Obligations will be published once the new Auction Date has been determined and the status of the Convertible Notes has been clarified.
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Ongoing
Americas DC Decision – Issue Number 2020062901 (Chesapeake Energy Corporation) – 07/17/2020
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Ongoing
Americas DC Decision - Issue Number 2020062901 (Chesapeake Energy Corporation) - 07/16/2020
DC Statement July 16, 2020: The Americas DC met on July 15, 2020 to discuss (a) the 5.500% Convertible Senior Notes due 2026 (CUSIP: 165167CY1) (the “Convertible Notes”) issued by Chesapeake Energy Corporation (“Chesapeake”) and (b) the order (i) approving notification and hearing procedures for certain transfers of common stock and preferred stock and (ii) granting related relief dated as of June 29, 2020, with respect to Case No. 20-33233 (the Chesapeake Chapter 11 Bankruptcy proceeding), available here (the “Stock Trading Order”).
The Americas DC has contacted counsel for Chesapeake to discuss whether Chesapeake would consider filing a motion to clarify that the Convertible Notes are not subject to the Stock Trading Order. The Americas DC will meet again on Friday, July 17, 2020 to discuss whether it is necessary to delay the Auction to allow additional time for this issue to be considered with Chesapeake’s counsel and the Bankruptcy Court.
Please note that the Challenge Deadline with respect to the Supplemental List of Obligations expired at 5:00 pm New York time on July 15, 2020. The Americas DC anticipates publishing the Final List of Deliverable Obligations when the status of the Convertible Notes has been clarified.
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Ongoing
Americas DC Decision - Issue Number 2020062901 (Chesapeake Energy Corporation) - 07/13/2020
DC Statement July 13, 2020: The Americas DC notes that the 5.500% Convertible Senior Notes due 2026 (CUSIP: 165167CY1) (the "Convertible Notes") have been added to the Supplemental List of Deliverable Obligations for the 2020 Chesapeake Energy Corporation Credit Derivatives Auction Settlement Terms. However, the Americas DC will NOT include the Convertible Notes on the Final List of Deliverable Obligations if the Convertible Notes are subject to the provisions of the Chesapeake Energy Corporation Stock Trading Order. For these purposes, the "Chesapeake Energy Corporation Stock Trading Order" means the order (i) approving notification and hearing procedures for certain transfers of common stock and preferred stock and (ii) granting related relief dated as of June 29, 2020, with respect to Case No. 20-33233 (the Chesapeake Energy Corporation Chapter 11 Bankruptcy proceeding), available here.
The Americas DC has requested clarification on the status of the Convertible Notes under the Stock Trading Order from Chesapeake Energy Corporation’s bankruptcy counsel. The Americas DC will publish further updates regarding inclusion of the Convertible Notes on the Final List of Deliverable Obligations as necessary.
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Supplemental List Published
Supplemental List – Issue Number 2020062901 (Chesapeake Energy Corporation) – 07/10/2020
Redline of Supplemental List compared against the Initial List
Please see the above redline of the Supplemental List compared against the Initial List, which shows that the 5.500% Convertible Senior Notes due 2026 have been added to the Supplemental List, and that two typo corrections have been made with respect to the Senior Notes CUSIPs.
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Initial List Published
Americas DC Decision / Initial List – Issue Number 2020062901 (Chesapeake Energy Corporation) – 07/08/2020
Submission of Potential Deliverable Obligations and Challenges
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Auction Information Published
Americas DC Decision - Issue Number 2020062901 (Chesapeake Energy Corporation) - 07/06/2020
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Ongoing
Americas DC Decision - Issue Number 2020062901 (Chesapeake Energy Corporation) - 06/30/2020
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Ongoing
Americas DC Decision - Issue Number 2020062901 (Chesapeake Energy Corporation) - 06/29/20
DC Statement June 29, 2020: The Americas DC Resolved on June 29, 2020 that an Auction should be held with respect to Chesapeake Energy Corporation. The Americas DC agreed to convene this week to discuss Chesapeake Energy Corporation Auction.
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Request Accepted by DC
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Pending DC Consent
