by Jason Simpkins
Before driving his SUV into an overpass at 80 mph, former Chesapeake Energy CEO Aubrey McClendon drove his company into the ground.
Chesapeake lost about $40 million a day in 2015 and is still in the red today.
Worse, it leveraged itself mightilty to acquire and drill monster shale gas deposits throughout the country, and now has a debt load that’s twice the size of the company itself.
Earlier this month, Chesapeake pledged pretty much everything it owns – oil and gas fields, office buildings and derivatives contracts – to preserve its access to a $4 billion credit line.