Whiting petroleum brings in new leadership as part of Ch 11 reorganization

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Whiting Petroleum (NYSE: WLL) will have a new CEO and a new board when it emerges from Chapter 11 bankruptcy reorganization. Current CEO and chair Brad Holly will lead the oil company through reorganization, set for Sept. 1.

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Whiting attorneys described the plan for a change in leadership change at the Friday hearing in federal bankruptcy court in Houston. They also plan to reduce $2.4 billion in debt.

Judge David Jones agreed to the amended Whiting reorganization plan on Friday. He complimented all parties involved in the successful negotiation. And he was also glad that they were able to manage the process with virtual hearings due to COVID 19.

“This gives a second chance to people, which is what this country is all about … and it saved jobs. My hat’s off to all of you,” Judge Jones said, noting he had lost five people in the pandemic that he regularly saw in his courtroom. 

Whiting petroleum filed Chapter 11

Denver-based Whiting Petroleum Corp.(NYSE: WLL) filed for bankruptcy on April 1 after its worst quarterly performance. The bankruptcy filing came just before the maturity of convertible debt notes.