Whiting Petroleum Corporation Reaches Agreement in Principle with Certain of its Noteholders to Pursue Consensual Financial Restructuring
On April 1, 2020, Whiting Petroleum Corporation filed voluntary petitions for a court-supervised reorganization under Chapter 11 of the United States Bankruptcy Code in order to facilitate a consensual restructuring of its balance sheet. The proposed terms of the agreement would significantly reduce the Company’s debt and establish a more sustainable capital structure. Whiting has taken proactive steps to ensure it has sufficient liquidity to fund ongoing operations through the process by drawing $650 million on its credit facility. The additional funding provides the Company with more than enough liquidity to continue its daily business and satisfy obligations to its employees and vendors with minimal interruption.
All Restructuring Inquiries: 1-800-330-2531
Court filings and other information related to the court-supervised proceedings are available on a separate website administered by Whiting’s noticing agent, Stretto, at cases.stretto.com/whitingpetroleum