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- Chambers USA, Band 1 for Bankruptcy/Restructuring (Nationwide and NYC) and "Bankruptcy Law Firm of the Year" in 2019

Whiting Petroleum Reaches Restructuring Agreement in Principle With Noteholders

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 restructuring partners Andrew Rosenberg and Alice Eaton; employee benefits partner Andrew Gaines; corporate partners Austin Witt and Raphael Russo; and tax partner David Mayo

April 1, 2020

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