Chesapeake Energy Corp. filed for Chapter 11 bankruptcy on June 28, as the former U.S. shale star looks to reset its balance sheet. Following other shale producers Whiting Petroleum Corp. and Extraction Oil and Gas Inc., Chesapeake's filing marks the biggest U.S. oil and gas company to go bankrupt since the downturn related to the COVID-19 health crisis began. The Oklahoma City-based company, which helped spearhead the shale revolution a decade ago, has widely been expected to enter bankruptcy as it struggled with mounting debt burdens. Chesapeake said in a recent regulatory filing it had skipped an interest payment due June 15 on some of its notes and that its borrowing base had also been slashed by lenders. On June 28, Chesapeake said it expected to eliminate approximately $7 billion of debt through its Chapter 11 plan of reorganization.