Reuters: Mergers News: Chesapeake looks to sell some Mich. holdings-adviser

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Chesapeake looks to sell some Mich. holdings-adviser Jun 7th 2012, 22:03 NEW YORK, June 7 | Thu Jun 7, 2012 6:03pm EDT NEW YORK, June 7 (Reuters) - Chesapeake Energy Corp 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 July 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.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions