Following a scenario analysis, Citi analyst Robert Morris says a Chapter 11 event in 2016 for Chesapeake Energy is unlikely given the company's "ample liquidity at this juncture." The analyst, however, believes that absent a combination of "substantial" asset sales, midstream commitment restructurings, a significant rebound in both oil and natural prices, some form of capital infusion, and/or if its borrowing base falls below $3B, a bankruptcy filing by the end of 2017 or 2018 is a risk. Morris keeps a Neutral rating on Chesapeake with a $5 price target. The analyst notes the stock is down 45% this week after a report said Chesapeake had retained Kirkland & Ellis to help restructure a $9.8B debt load.