Whiting Petroleum Gets $3.4B Texas Ch. 11 Debt Rework OK'd

Law360 (August 14, 2020, 7:38 PM EDT) -- Shale oil giant Whiting Petroleum secured Chapter 11 confirmation in Texas Friday for its $3.4 billion bankruptcy reorganization, under mostly debt-for-equity terms that will reduce the Colorado-based oil and gas producer's obligations by $2.7 billion.

The company, which operates primarily in North Dakota and Rocky Mountain oil regions as well as Texas, opened its case on April 1 after the COVID-19 pandemic and a global collapse of oil prices upended months of study and talks on options for restructuring, merging or selling the business outside of bankruptcy.

Whiting said it moved for protection in the U.S. Bankruptcy Court for the Southern...

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