Chesapeake Energy Corp.’s move to tame its $10 billion debt load alleviates immediate concerns about the oil and gas producer’s viability, yet fundamental issues threatening the company’s long-term outlook remain. The company’s shares and bonds gained Wednesday after it said lenders agreed to loosen some restrictions on its ability to incur debt, clearing up a prior “going concern” issue. Chesapeake also announced it was securing an additional $1.5 billion loan package from a group of banks, as well as plans to buy back $700 million of notes due in 2025 at discounted prices and swap other bonds into new securities.

The company’s financing proposals could reduce leverage from its current level of around 4 times a measure of earnings and trim its overall debt load. Yet it doesn’t change the fundamental trajectory for the Oklahoma City-based energy producer, which has struggled to generate positive cash flow in recent years as weak oil and gas prices cast a pall over America’s shale boom, according to James Spicer at TD Securities.

“I’m not sure that it solves their problems,” said Spicer, a high-yield analyst focused on the energy sector. “The underlying issue is generating free cash flow. The company is saying it can, but I think it’s very much a show-me story for investors.”