Seeking to maximize value for shareholders
Company says it still seeks to further strengthen balance sheet. They note that the restructuring firm they reportedly hired on the weekend served as one of its counsel since 2010.
Lehman Brothers had no plans to pursue bankruptcy either but if what they're saying about the law firm is true, then this is good news.
Update: Chesapeake jumps to $2.11 from $1.50 as trading resumes