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Commodities

Shale producer Whiting Petroleum emerges from bankruptcy

FILE PHOTO: A trader waits for the opening of Whiting Petroleum's stock at the post where it is traded on the floor of the New York Stock Exchange March 24, 2015. REUTERS/Brendan McDermid

(Reuters) - U.S. oil and gas company Whiting Petroleum Corp said on Tuesday it had emerged from Chapter 11 bankruptcy and completed its financial restructuring, shrinking its funded debt by about $3 billion.

Whiting had become the first publicly traded shale producer to file for bankruptcy in April after the historic crash in crude prices in the previous month.

The company said its capital structure includes a new $750 million reserve-based revolving credit facility maturing in April 2024.

Shares of the company’s new common stock will start trading on the New York Stock Exchange under the ticker symbol “WLL” on Wednesday.

Whiting also appointed James Henderson as its new chief financial officer, replacing Correne Loeffler, weeks after it said chief executive officer Bradley Holly will be replaced once the company emerges from bankruptcy.

Both Holly and Loeffler received multi-million dollar payouts from the company just days before it filed for bankruptcy.

(This story corrects to “Tuesday” from “Monday” in first paragraph and removes extraneous word in paragraph five)

Reporting by Arunima Kumar in Bengaluru; Editing by Vinay Dwivedi

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