Lawler to employees: Chesapeake's bankruptcy 'best path forward'
Chesapeake CEO Doug Lawler reassured the company’s 1,900 employees Sunday that both they and the company have a future after it filed for bankruptcy protection.
In an email obtained by The Oklahoman, he told employees the company intends to continue operating its business as usual and that those employees will continue to be paid and receive benefits, including targeted quarterly bonuses created earlier this year to encourage them to stay.
“This was not an easy decision, but it was a necessary one, given our legacy debt, contractual obligations and the historic collapse of commodity prices,” Lawler wrote. “While the exact timing of the process is out of our control and subject to court approval, we plan to go through this restructuring process in as efficient a manner as possible.”
Lawler wrote the company’s successful restructuring depends on its employees’ ability to maintain the highest levels of operational excellence and execution.
“During this time, it is critical that we all focus on what we can control, namely continuing to safely and efficiently execute across all areas of our business.”
Lawler told employees that the company stood up special pages on both its internal and public websites to share pertinent details about the bankruptcy process as it unwinds, adding that the company is committed to keeping its 1,900 employees, including 1,300 in Oklahoma, informed.
He wrote that Chesapeake Energy will conduct a virtual town hall with its employees Monday morning, where Lawler indicated he would provide additional insights about the company’s path from here.
“While today is a challenging day, your leadership team and I are confident that this is the best path forward for Chesapeake,” Lawler wrote. “By working together ... we will not only survive this, we will excel.
- Related to this story
- Article: OKC's Chesapeake Energy files for Chapter 11 to reorganize, reset
- Article: New York Stock Exchange starts process to delist Chesapeake's stock after bankruptcy filing
“I firmly believe there are significant opportunities ahead for our company to create sustainable value for our stakeholders — including you.”