Embattled Chesapeake Energy has again turned to Wachtell, Lipton, Rosen & Katz for the $2.16 billion sale of most of its remaining holdings in various U.S. shale plays to Access Midstream Partners, which, in turn, has agreed to sell a stake in itself and its general partner to The Williams Companies for $2.4 billion.
Oklahoma City-based Chesapeake has been struggling to cope in recent months with more than $13 billion in debt and an inquiry into nearly $1 billion in alleged personal loans extended to CEO Aubrey McClendon, according to our previous reports. Throughout Chesapeake’s struggles, Wachtell has served as standing outside counsel to the company’s board of directors on corporate governance matters while also handling several major transactions for the company.
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