Whiting Petroleum files for Chapter 11 in U.S. Bankruptcy Court for the Southern District of Texas.
- Company has more than $585 million of cash on its balance sheet and will continue to operate its business
- Reached an agreement in principle with certain holders that would cut debt
- Board decides principal terms of the financial restructuring negotiated with creditors provides “the best path,” given the severe downturn in oil and gas prices driven by uncertainty around the duration of the Saudi-Russia oil price war
- Whiting currently expects to have sufficient liquidity to meet its financial obligations during the restructuring without the ...
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