Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Vista Projects
Copper Tip Energy Services
Vista Projects
Copper Tip Energy


Whiting Secures Bankruptcy Accord to Give Creditors 97% Stake


These translations are done via Google Translate

By Allison McNeely

(Bloomberg) Whiting Petroleum Corp., the shale driller that went bankrupt at the start of this month, formalized a restructuring deal that would cut more than $2.3 billion of debt and hand control of the company to creditors.

The Denver-based company agreed to give a 97% stake in the reorganized company to its noteholders, according to a statement. Whiting had disclosed support for its proposed restructuring plan and the equity handover when it filed for bankruptcy earlier this month.

Entelec Conference and Expo 2024
GLJ
ROO.AI Oil and Gas Field Service Software

Existing shareholders will get 3% of the new shares, according to the statement. The company’s revolving credit facility and unsecured claims will be paid in full.

The case is Whiting Petroleum Corporation, 20-32021, U.S. Bankruptcy Court for the Southern District of Texas (Houston).



Share This:



More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE