US shale pioneer Chesapeake Energy goes bust under mountain of debt

Fracking giant

Fracking giant Chesapeake Energy has filed for bankruptcy amid soaring company debt driven by the collapse in oil prices.

The Oklahoma City-based company said it had been forced to enter chapter 11 protection because its debts of $9 billion were unmanageable. It has entered a plan with lenders to cut $7 billion of the debt and said it will continue to operate as usual during the bankruptcy process.

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