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Oklahoma City Thunder

Chesapeake stock tumbles, rises after investors spooked

Share prices for Chesapeake Energy stock were down more than 50 percent for a time Monday after a news report said the Oklahoma City-based company had brought on attorneys who help companies restructure their debt, but rebounded after the natural gas producer told investors that it was not planning to file for bankruptcy protection.

Chesapeake said it has long sought the counsel of attorneys at Kirkland & Ellis, which describes itself as a law firm that works with clients on litigation, taxes, intellectual property and restructuring matters.

"Kirkland & Ellis LLP has served as one of Chesapeake's counsel since 2010 and continues to advise the company as it seeks...