$WLL is overleveraged. They're going to have to re-balance. If the bond holders agree to more equity, its a big haircut and dilution for Common, but no bankruptcy.
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Whiting’s stock is down 75% this year amid reports that the oil producer is holding discussions with advisers to review its capital structure. The Denver-based company is looking at a potential debt exchange, Debtwire reported this month, citing people familiar with the matter.
Whiting and Chesapeake are among the names that are “poorly positioned” if an economic downturn were to push oil to $40 a barrel and natural gas to $1.75 per million British thermal units, analysts at Scotiabank wrote earlier this week in a note to investors.
The shale explorer’s 2020 bond has plummeted 26% this week to 37.5 cents on the dollar, with the yield jumping to about 30%.
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