Once a vanguard of the US shale revolution, Chesapeake has fallen headlong toward collapse as it and rival drillers flooded the US with excess gas. (Bloomberg) — Chesapeake Energy Corp.’s options for dealing with its towering debt load are shriveling as the natural gas driller seeks to auction off shale fields it needs to stay afloat. Chesapeake’s bonds and shares plunged on Wednesday after Chief Executive Officer Doug Lawler mapped out a survival strategy predicated on a sweeping divestiture program that must be consummated within months in a market already glutted with North American gas holdings. The risky plan to raise as much as $500 million, coupled with an impending reverse-stock split aimed at avoiding delisting, spooked investors. The Oklahoma shale explorer’s bonds were among the worst junk-market performers for the day amid swelling doubt among holders that recent refinancing moves will be enough to manage its leveraged balance […]