Oilfield firm Weatherford International files bankruptcy plan By Reuters

Oilfield firm Weatherford International files bankruptcy plan


Oilfield firm Weatherford International files bankruptcy plan

(Reuters) – Oilfield services firm Weatherford International () on Friday filed a prepackaged restructuring plan with the U.S. Securities and Exchange Commission, according to a regulatory filing.

The company, which has struggled under a heavy debt burden and years of losses, warned in May that it expected to seek Chapter 11 bankruptcy protection after failing to obtain new financing and after the loss of key employees.

Holders of roughly 79% of its outstanding notes have agreed to the restructuring, according to Friday’s filing.

The proposed restructuring will reduce the firm’s funded debt from roughly $8.35 billion to $2.5 billion, according to the disclosure. Debt holders will receive about a 99% stake in the company that emerges from Chapter 11, according to the filing.

The Chapter 11 case is anticipated to begin on Monday, with the first hearing as early as Tuesday, the filing said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link