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Weatherford International Plans Bankruptcy Amid Cash Shortage

May 10, 2019, 10:04 PM

Weatherford International Plc expects to file for Chapter 11 protection from its creditors, according to its first-quarter regulatory filing.

  • The company is negotiating definitive commitment for a bankruptcy loan, which it expects to be completed in the near term
  • Expects to reach an agreement with holders of the majority of its unsecured senior notes on the terms of a restructuring support agreement
  • Oil and gas service company faces a liquidity shortfall resulting from weak energy sector conditions and operational challenges, per filing

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