Whiting Noteholders Flag Ch. 11 Plan For Lack Of Info
Law360 (June 8, 2020, 9:06 PM EDT) -- A group of Whiting Petroleum Corp. noteholders is asking a Texas bankruptcy court to reject the oil producer's Chapter 11 plan disclosure, saying it contains none of the information the noteholders need to determine what they would get out of the plan.
Delaware Trust Co., the trustee for Whiting convertible note holders, and bondholder EJS Investments said in separate filings Friday that Whiting is asking them to endorse a settlement with senior bondholders without explaining what issues are being settled and to accept a debt-for-equity swap with no way to evaluate what the equity they're getting would be worth.
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