In this Chapter 11 Reorganization, the Official Committee of Unsecured Creditors’ Committee (“UCC”) of Chesapeake Energy Corporation (“Chesapeake”) retained The Michel-Shaked Group to provide consulting and expert testimony on the value of Chesapeake upon its expected emergence from bankruptcy. Working alongside the UCC’s counsel, Brown Rudnick LLP and Norton Rose Fulbright LLP, Dr. Israel Shaked, as expert witness filed with the court an extensive report presenting his valuation conclusions. Specifically, Dr. Shaked opined that oil and gas reserves have both discounted cash flow and real option components and incorporated a real option model into his analysis. Dr. Shaked also analyzed NYMEX strip forward commodity prices. The UCC disputed the valuation assigned to Chesapeake Energy Corporation by the Debtors as part of its restructuring plan. The case was tried in the United States Bankruptcy Court for the Southern District of Texas in January 2021.
The Michel-Shaked Group team was led by Stephen Kempainen, who supported Dr. Shaked in preparing expert reports, trial materials, and testimony.
On February 9, 2021, Chesapeake emerged from voluntary Chapter 11 protection.