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Chesapeake Energy (CHK) Stock Falls After Announcing Layoffs

NEW YORK (TheStreet) -- Shares of Chesapeake Energy (CHK - Get Report) were falling 3.7% to $7.06 on Thursday after the oil company announced plans to reduce its workforce by about 15% on Wednesday.

In an SEC filing Chesapeake Energy said it will incur charges of about $55.5 million in the third quarter of 2015 related to layoffs.

The layoffs will help Chesapeake Energy reduce costs and "better align its workforce with the needs of the business and current oil and natural gas commodity prices," the company said.

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On Thursday morning, Chesapeake Energy notifies the holders of its 2.75% contingent convertible senior notes due 2035 that they have the option to require the company to buy all or a portion of the notes on November 15. The purchase price is equal to 100% of the aggregate principal amount of the note, and accrued but unpaid interest.

TheStreet Ratings team rates CHESAPEAKE ENERGY CORP as a Sell with a ratings score of D...