Chesapeake Energy Corp <CHK.N> filed for Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy protection in recent years as it bowed to heavy debts and the impact of the coronavirus outbreak on energy markets. The filing marks an end of an era for the Oklahoma City-based shale pioneer, and comes after months of negotiations with creditors.

Current CEO Doug Lawler, who inherited a company saddled with about $13 billion in debt in 2013, managed to chip at the debt pile with spending cuts and asset sales, but this year's historic oil price rout left Chesapeake without the ability to refinance that debt. REUTERS