(MENAFN) Chesapeake Energy Corp's Chairman and CEO Aubrey McClendon stated that the company secured a loan of USD3 billion from two lenders, in a bid to buy time while the company sells more assets and lowers its debt, reported AP.
Chesapeake has been aggressively selling oil and gas assets, but its stock tumbled Friday after the company suggested that some of its planned sales could be delayed. Investors, who worried about a cash crunch if any sales were delayed or halted, sent Chesapeake's stock down 13.8 percent to close at USD14.81 on Friday.
It is worthy mentioning that the company plans on selling USD9 billion to USD11.5 billion in asset sales during the remainder of 2012.
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