Weatherford Files Bankruptcy Plan

Monday, July 1, 2019

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.


(Reporting by Liz Hampton; Editing by Tom Brown)

Categories: Legal Finance Industry News Hardware

Related Stories

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

CNOOC Puts Into Production New Oil Field in South China Sea

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

Valeura Wraps Up Infill Drilling Campaign in Gulf of Thailand

SLB Names Raman CSO, CMO

ADNOC Secures LNG Supply Deal with India's BPCL

Initial Drilling Results Raise Questions on South Korea’s Offshore Gas Viability

US Operator Finds Oil Offshore Vietnam

Shell Shuts Down Oil Processing Unit in Singapore Due to Suspected Leak

Current News

MODEC, Sumitomo Partner Up for Delivery of Gato do Mato FPSO

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

CNOOC Puts Into Production New Oil Field in South China Sea

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com