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Whiting Petroleum to proceed with Chapter 11 bankruptcy
April 1, 2020
Source: Reuters

Whiting Petroleum to proceed with Chapter 11 bankruptcy

Colorado-based Whiting Petroleum Corp today initiated Chapter 11 bankruptcy proceedings, as crude oil prices crashed to 18-year lows. The E&P firm currently has more than $585 million in cash on its balance sheet and will maintain business operations in the normal course, without any material interruption to its vendors, partners or employees.

EPC giant McDermott files bankruptcy
Jan. 22, 2020
Source: Bloomberg

EPC giant McDermott files bankruptcy

The leading engineering and consultancy firm, McDermott has filed for bankruptcy. While filing at the Southern District of Texas, the firm has estimated its liabilities to lie between $1 billion and $10 billion. McDermott has also decided to liquidate Lummus Technology unit for at least $2.725 billion. The company has been struggling with the debt taken on from its $3.5 billion takeover of Chicago Bridge & Iron Co. in 2018.

Weatherford comes out of Chapter 11 bankruptcy
Dec. 14, 2019
Source: World Oil

Weatherford comes out of Chapter 11 bankruptcy

Oilfield services giant, Weatherford International has concluded its financial restructuring and came out of Chapter 11 protection. Weatherford has cut roughly $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, which also includes a $450 million revolving credit facility. Additionally, the US-based giant has secured a $195 million letter of credit facility, and secured over $900 million of liquidity.

Philadelphia Energy Solutions file bankruptcy
July 23, 2019
Source: Reuters

Philadelphia Energy Solutions file bankruptcy

Almost a month after fire and explosion destroyed PES-owned largest refinery on the US east coast, Philadelphia Energy Solutions filed for its second Chapter 11 bankruptcy. The filing comes in less than two years from the first-time bankruptcy filing for the firm. A filing submitted to US Bankruptcy Court showed PES has both assets and liabilities between $1-$10 billion.

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