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Weatherford’s Chapter 11 Plan Approved by Texas Court

Sept. 12, 2019, 4:47 PM

Oilfield service company Weatherford International Plc will exit bankruptcy with $400 million less unsecured debt than originally proposed under its amended reorganization plan.

Judge David R. Jones of the U.S. Bankruptcy Court for the Southern District of Texas approved the company’s disclosures and amended Chapter 11 reorganization plan Sept. 11.

The company, which is based in Baar, Switzerland with major operations in Houston, filed its second amended plan of reorganization with the court Sept. 9.

Under the amended plan, $2.5 billion worth of two Tranche A and Tranche B unsecured notes proposed in earlier versions of the Chapter 11 plan ...