A top-notch restructuring group, capable of handling the biggest and the most difficult restructuring from either company side or creditors’ side. 
- Chambers USA, Band 1 Bankruptcy/Restructuring (Nationwide and NY)
Whiting Petroleum Reaches Restructuring Agreement in Principle With Noteholders
- Client News
- April 1, 2020
Paul, Weiss is representing an ad hoc committee of noteholders of Whiting Petroleum Corporation in Whiting’s restructuring cases. Whiting has commenced voluntary chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas.
Concurrently with the filing, Whiting announced that it has reached an agreement in principle with our clients regarding a proposed comprehensive restructuring that would significantly reduce the company’s debt and establish a more sustainable capital structure. Among other things, the plan provides for a $2.2 billion debt-for-equity exchange; payment in full or refinancing of the company’s revolving credit facility; and payment in full of all other secured creditors, tax and other priority claimants, and employees. The company expects to continue normal business operations without material disruption to its vendors, partners or employees.
The Paul, Weiss team includes, among others, restructuring partners Andrew Rosenberg and Alice Eaton; corporate partner Raphael Russo; and tax partner David Mayo.