Whiting Secures Bankruptcy Accord to Give Creditors 97% Stake

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.

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