Weatherford completes financial restructuring, emerges from Chapter 11
Weatherford announced that it has completed its financial restructuring and emerged from chapter 11 protection. The company emerges with a stronger financial foundation having reduced approximately $6.2B of outstanding funded debt, secured $2.6B in exit financing facilities, including a $450M revolving credit facility, secured a $195M letter of credit facility, and secured over $900M of liquidity. Weatherford expects its newly issued ordinary shares will initially resume trading on the OTC Markets with the company ultimately planning to transition trading to the New York Stock Exchange, subject to the receipt of applicable approvals. The transition to the New York Stock Exchange is expected to occur after the company reports results for its fourth quarter ending December 31, holds an investor call, and completes the fresh-start accounting process, which are expected to be completed by early March.