The loan gives the company more time to sell assets and lower its debt.
The Wall Street Journal is reporting Chesapeake is expecting activist investor, Carl Icahn, to disclose soon that he has taken a significant stake in the embattled natural gas giant.
The report says Icahn could be discussed in the conference call.
Icahn is well known to make investments in companies he feels are undervalued.
Shares often rise as other investors mimic his strategy.
Higher prices for shares are good for investors, but it could put a lot of pressure on the company.