OKLAHOMA CITY — 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.