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Weatherford Emerges from Chapter 11, Eliminates $6.2 Billion in Debt

Weatherford International said on 13 December that it completed its financial restructuring and emerged from Chapter 11 protection, removing $6.2 billion of outstanding funded debt.

The company also secured $2.6 billion in exit financing facilities, including a $450-million revolving credit facility, as well as a $195-million letter of credit facility and more than $900 million of liquidity.

"This is a notable day for Weatherford as we have emerged as a stronger, more focused organization," said Mark A. McCollum, Weatherford president and chief executive officer, in news release. “With renewed balance sheet strength, a strong customer base, and a portfolio designed to meet the needs of our industry, we believe we are well-positioned to build on our reputation as a leader in the oilfield services sector and to capitalize on the growth opportunities ahead."

Weatherford expects that its newly issued ordinary shares will initially resume trading on the OTC Markets with the company ultimately planning to transition trading to the New York Stock Exchange (NYSE).

The transition to the NYSE is expected to occur after Weatherford reports its fourth-quarter results, holds an investor call, and completes the fresh-start accounting process, which are expected to be completed by early March.

Weatherford in October cuts its near-term revenue projections as it forecasted lower crude oil prices and continued difficulties for the US oilfield services market.

Weatherford Emerges from Chapter 11, Eliminates $6.2 Billion in Debt

16 December 2019

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