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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