Swizzy land?
Weatherford Oil Services files for Chapter 11.
It begins.
HOUSTON – One of the world’s largest oilfield services companies filed for Chapter 11 Bankruptcy protection on Friday, and the move may finally give Weatherford International plc enough room/time to turn around its struggling operations. The firm announced that it has executed a restructuring agreement with a group of senior noteholders that collectively holds 62% of the company’s senior, unsecured notes. The proposed restructuring plan should significantly reduce the company's long-term debt and related interest costs, provide access to additional financing and establish a more sustainable capital structure.
Under the agreement’s terms, Weatherford will be able to eliminate $5.8 billion of its $7.5-billion long-term debt. In exchange, the restructured Swiss company will have to relinquish 99% of its stock to the unsecured noteholders. The deal also gives the company access to $1.75 billion in new loans and credit. At its peak, Weatherford was valued at more than $50 billion, with 67,000 employees at the beginning of 2014. Now, the firm has roughly 26,500 employees working in 80 nations, including seven locations in Texas, of which four are in Houston.
https://www.worldoil.com/news/2019/5/13/details-and-analysis-weatherford-uses-chapter-11-restructuring-to-gain-breathing-room