Chesapeake bankruptcy seen as turning point for oil industry

Analysts predict more struggling shale energy firms could fold or be bought up by rivals

The bankruptcy of Chesapeake, the pioneer of using fracking to mine shale gas and oil, could mark a new, straitened era for the oil industry, according to analysts.

The Oklahoma City-based company said on Sunday that it had been forced to enter chapter 11 protection to reduce the size of its debt pile from $9bn (7.3bn) to $2bn. A grace period for paying bondholders had been due to expire on Tuesday.