Reevemark is handling the much-anticipated Chapter 11 filing of shale pioneer Chesapeake Energy, which collapsed due to a heavy debt load, weak oil prices and financial pressures from the COVID-19 pandemic.
As communications advisor, Reevemark worked with Chesapeake's PR team headed by Gordon Pennoyer to develop an internal communications cascade, provide external messaging and organize CEO town hall sessions.
The goal is to pitch the reorganization as a means to achieve a move sustainable capital structure and capitalize on its diversified operating platform.
Under flamboyant founder and now deceased Aubrey McClendon, Chesapeake ran up tens of billions in debt and orchestrated sideshows, such as poaching the NBA Seattle Supersonics and moving the squad to the company's hometown of Oklahoma City. The recast Oklahoma City Thunder play home games at Chesapeake Energy Arena.
Chesapeake CEO Doug Lawler has eliminated $20B of leverage & financial commitments, but ultimately concluded that a financial restructuring was “necessary for the long-term success and value creation of the business.”
Reevemark's Chesapeake team includes Paul Caminiti, Hugh Burns, Delia Cannan, Molly Curry, Jacqueline Zuhse and Michael Anderson.