Fracking Pioneer Chesapeake Energy Goes Bankrupt

The Guardian reports:

Chesapeake Energy, the shale gas drilling pioneer that helped to turn the United States into a global energy powerhouse, has filed for bankruptcy protection.

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

The oil and gas company was a leader in the fracking boom, using unconventional techniques to extract oil and gas from the ground, a method that has come under scrutiny because of its environmental impact.