Whiting begins Chapter 11 bankruptcy proceeding as oil prices hover at $20

(Reuters) – Whiting Petroleum Corp said on Wednesday it had started Chapter 11 bankruptcy proceeding amid a rout in crude oil prices that has seen fuel plunge to 18-year lows.

The company has more than $585 million in cash on itsbalance sheet and will continue to operate its business in the normal course without material disruption to its vendors, partners or employees.

Whiting said it also reached an agreement with some of its creditors to lower its debt levels.

(Reporting by Arathy S Nair in Bengaluru; Editing by Shailesh Kuber)