Whiting Petroleum Corporation Reaches Agreement in Principle with Certain of Its Noteholders to Pursue Consensual Financial Restructuring
Whiting Petroleum Corporation (New) (WLL)
Last whiting petroleum corporation (new) earnings: 2/27 08:30 am
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Source: Business Wire
Commences Chapter 11 Reorganizational Process to Right-Size Capital Structure DENVER--(BUSINESS WIRE)--Whiting Petroleum Corporation (NYSE: WLL) and certain subsidiaries (collectively, “Whiting” or the “Company”) today announced that they had commenced voluntary Chapter 11 cases under the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). The Company has more than $585 million of cash on its balance sheet and will continue to operate its business in the normal course without material disruption to its vendors, partners or employees. Whiting currently expects to have sufficient liquidity to meet its financial obligations during the restructuring without the need for additional financing.The Company has also reached an agreement in principle 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
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