US shale gas giant brought down by big debts and oil slump

Coronavirus lockdown was final straw for fracking pioneer Chesapeake Energy

The collapse of Chesapeake Energy, one of the pioneers of the US shale industry, took few people by surprise. The embattled fracker slumped into bankruptcy weeks after the darkest month in oil market history, in a financial mess of missed interest payments, looming bond deadlines and crippling debts.

Its collapse is not the first bankruptcy to hit the oil industry in the wake of the coronavirus crisis, nor will it be the last. But the fall of a company once considered one of the shale revolution's brightest stars may mark a crucial watershed for an industry in flux.