Weatherford moves forward with bankruptcy proceedings in Ireland by Sergio Chapa, September 24, 2019, Houston Chronicle
Oilfield service company Weatherford International moved forward with the second phase of its bankruptcy proceedings — filing in Ireland.
The company, which is incorporated in Ireland but has a large presence in Houston, filed for a type of bankruptcy protection known as a “scheme of arrangement” before an Irish court on Monday.
Under Irish law, the filing triggers a 100-day protection period from creditors while a judge reviews the company’s reorganization plan.
In a filing with the U.S. Securities and Exchange Commission, Weatherford stated that the company will continue normal operations while the Irish case remains pending. The company stated in the filing that it expects the scheme of arrangement in Ireland to mirror an approved Chapter 11 bankruptcy plan filed in the United States.
A bankruptcy judge in Houston issued a Sept. 11 order accepting Weatherford’s Chapter 11 reorganization plan in the United States.
The U.S. plan gives the struggling oilfield service company access to $600 million in credit and the ability to issue $1.6 billion of notes that will be used to pay down debt. …
Bankruptcy judge accepts Weatherford reorganization plan by Sergio Chapa, September 13, 2019, Houston Chronicle
A bankruptcy judge in Houston has issued an order accepting a Chapter 11 reorganization plan filed by the struggling oilfield service company Weatherford International.
Weatherford Chief Financial Officer Christoph Bausch was among the witnesses and experts who testified at a Wednesday afternoon hearing at Houston’s federal courthouse.
The hearing ended with U.S. Bankruptcy Judge David Jones issuing an order accepting the company’s amended Chapter 11 reorganization plan.
The approved plan gives Weatherford access to $600 million in credit and the ability to issue $1.6 billion of notes that will be used to pay down debt. [$2.2 Billion to create more financial and environmental devastation? Ordered by a court, no less?]
Facing more than $10 billion in debt and other liabilities, Weatherford filed for Chapter 11 bankruptcy protection on July 1 in a prepackaged plan that was supported by 80 percent of the company’s creditors.
Since that initial filing, the oilfield service company has filed two amended reorganization plans, with similar levels of support from creditors.
The plan approved by Jones allows creditors holding general unsecured claims to be paid “in the ordinary course of business” while stockholders will receive proportionate shares of the company’s new stock.
With roots going back to 1941, Weatherford had grown to become the nation’s fourth-largest oil field services company but racked up $10 billion in debt along the way.
Headquartered in Switzerland but with its principal offices in Houston, the struggling oilfield service company has not made a profit since the third quarter of 2014.
With a bleak outlook for demand during the rest of 2019, Weatherford has been supplementing its operations with cash from investing and financing activities.
Refer also to:
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AIMCo (ATB/Heritage Fund connected) announce $200 Million (bailout?) investment in “Quite leveraged” Calfrac
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Jason Kenney’s (CAPP et al’s) War Room swamped by fightin’ mad Albertans falling for lies & propaganda instead of looking honestly at industry’s greed-induced “de-manning” killing jobs & causing their suffering
Alberta’s Never Ending Corporate Welfare Will Bite You: Energy Relief will Cost Taxpayers, Front Page Red Deer Advocate
With courts ordering acceptance of “restructuring” as outlined above, it’s no wonder: World’s Biggest Fund Manager, BlackRock, lost $90 Billion investing in fossil fuel companies over last decade