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Chesapeake looks to sell some Michigan holdings: adviser
NEW YORK |
NEW YORK (Reuters) - Chesapeake Energy Corp (CHK.N) is looking to sell about 450,000 acres of its holdings in northern Michigan, as it works to raise money to meet an expected $9 billion to $10 billion cash shortfall, according to a prospectus released by one of its advisers.
The prospectus was posted on the website of Meagher Energy Advisors, an energy-focused asset acquisition and divestiture firm that has sold assets for Chesapeake in the past and is currently selling other assets for the company.
Bids for the Michigan assets are due on June 29, Meagher said.
Chesapeake has said it will sell as much as $11.5 billion in assets this year in order to reduce its funding gap. Last month, the company arranged for a pricey $4 billion loan from its investment bankers to tide it over.
It has already announced it is looking to sell its 1.5 million acres of lease holdings in the oil-rich Permian basin in west Texas, a half-million acres in Wyoming and Colorado, and about 337,000 acres of its holdings in Ohio in order to raise cash. It is also trying to find a joint venture partner in the natural gas liquids-rich Mississippi Lime basin.
(Reporting by Michael Erman; Editing by David Gregorio and Bob Burgdorfer)
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