Whiting Petroleum Corporation Enters into Restructuring Support Agreement With Certain of its Senior Noteholders and Files Chapter 11 Reorganization Plan and Disclosure Statement
Whiting Petroleum Corporation (New) (WLL)
Last whiting petroleum corporation (new) earnings: 2/27 08:30 am
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Source: Business Wire
Company intends to convert over $2.3 Billion of its Unsecured Notes and Certain Other Claims into a 97% ownership interest in the newly reorganized Company and exit Chapter 11 within the next 5 months DENVER--(BUSINESS WIRE)--Whiting Petroleum Corporation (NYSE: WLL) and certain subsidiaries (collectively, “Whiting” or the “Company”) today announced that they have entered into a restructuring support agreement (the “RSA”) with certain holders (the “Supporting Noteholders”) of its 1.25% convertible senior notes due 2020, 5.750% senior notes due 2021, 6.250% senior notes due 2023 and 6.625% senior notes due 2026 (collectively, the “Senior Notes”). In addition, the Company has filed a consensual chapter 11 plan of reorganization (the “Plan”) and a related disclosure statement (the “Disclosure Statement”) with the United States Bankruptcy Court for the Southern District of Texas (the “Court”). The Plan outlines a proposed path to strengthen the Company’s balance sheet, reducing debt a
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