Whiting Petroleum Corp. WLL, +2.66% said Wednesday that it has filed for bankruptcy, as the company concluded that given a "severe downturn" in oil and gas prices resulting from the Saudi Arabia-Russia oil price war and COVID-19-related impact on demand a financial restructuring was the "best path forward." The stock was down 12% in premarket trading toward a record low prior to a trading halt for news. The company said it has "sufficient liquidity," including $585 million in cash, to keep operating its business and to meet financial obligations during the restructuring withou the need for additional financing. Whiting said it has reached an agreement in principle with certain note holders to pursue a "comprehensive" and "consensual" financial restructuring. The bankruptcy will provide for a de-leveraging of its capital structure by over $2.2 billion, payment or refinancing of its revolving credit facility, payment of all other secured lenders and employees and for exising stockholders to receive 3% of the new equity in the reorganized company. Whiting's stock had plunged 91% over the past three months through Tuesday, while crude oil futures CL00, -0.05% shed 67% and the S&P 500 SPX, -0.46% dropped 20%.