Weatherford begins Chapter 11 process

Weatherford International PLC, Weatherford International Ltd., and Weatherford International LLC (collectively, Weatherford) commenced voluntary cases under Chapter 11 of the US Bankruptcy Code to effectuate its “prepackaged” plan of reorganization. The company’s other entities and affiliates are not included in the Chapter 11 cases.

Weatherford expects to file Bermuda and Irish examinership proceedings in the coming months.

The comprehensive financial restructuring will reduce the company’s long-term debt by more than $5.8 billion. In May, Weatherford reported executing a restructuring support agreement that contemplates $1.75 billion in new financing and up to $1.25 billion in additional post-emergence financing. Weatherford operations are continuing without interruption, the company said in a press statement.