Chesapeake Energy Corp. is having its worst year since 1998 after halting dividend payouts, slashing drilling budgets and cutting one of every six employees failed to rescue the energy explorer from the deepest gas-market rout in 16 years. Chesapeake lost 79 percent of its market value this year, on pace for 2015’s weakest performance in the Standard & Poor’s 500 Index. The Oklahoma City-based company’s bonds are trading for as little as 25 cents on the dollar amid heightening concern that Chesapeake will struggle to raise enough cash to avoid defaulting on its debts. Chief Executive Officer Doug Lawler may be running out of options to revive Chesapeake’s fortunes less than three years after activist investors led by Carl Icahn handpicked him to replace deposed co-founder and CEO Aubrey McClendon. A complicated debt-reduction measure announced this month with bondholders probably indicates Chesapeake is having trouble raising cash through asset […]