The oilfield services company Weatherford International has entered into an agreement with its top creditors that will allow the company to file for a “prepackaged” Chapter 11 bankruptcy — after more than four years without making a profit.
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The agreement allows the Swiss company, which has principal operations in Houston, to shed $5.8 billion of its $7.6 billion in long-term debt — in exchange for 99 percent of the stock in the reorganized company. The agreement also provides the company with $1.75 billion in fresh credit and loans. [read more]
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