Whiting Petroleum Corporation (WLL) stock rocketed today for bringing itself out of the bankruptcy filing. Stock price surged 2,959.13% till midday trading session. The company’s stock price is currently buoying at $17.33 marking a new 52-week high. Its previous 52-week high was $11.85.
The company on Tuesday announced that it has successfully gone through restructuring process and came out of Chapter 11 protection. Coming out of bankruptcy resulted in cancellation and termination of its existing equity interests. New common stock of Whiting began trading on the New York Stock Exchange today under ticker symbol “WLL”.
After the restructuring Whiting have now a capital reserve of $750 million. The new reserve is based on revolving credit facility which will stand mature in April 2024. Whiting appointed Lynn Peterson to lead the company as Chief Executive. Also James Henderson has taken over the responsibilities of chief financial officer as Correne S. Loeffler resigned as CFO after restructuring process. Chip Rimer will continue serving Whiting as chief operating officer.
As part of restructuring, Whiting also formed a new board of directors with Kevin McCarthy as its chairman. Other members include Lynn Peterson, Paul Korus, Anne Taylor, Janet L. Carrig, Daniel Rice and Susan Cunningham.
Its energizing starting a new Whiting, said Peterson. Managing capital and generation of free cash flow will be key focus area for us. This will be done to build up long lasting value for stakeholders, he added.
He also appreciated the dedication and patience of employees during restructuring process. In April, Whiting filed a mutually agreed upon chapter 11 plan to reorganize itself. At the time company also announced that it went through a restructuring support agreement. The Chapter 11 protection was filed at United States Bankruptcy Court for the Southern District of Texas.
At last check on the day, Whiting was surging 3,132.76% at $18.31.