The Briefing Room
General Category => Science, Technology and Knowledge => Energy => Topic started by: Elderberry on December 16, 2019, 08:24:18 pm
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Houston Chronicle by Sergio Chapa Dec. 16, 2019
Switzerland and Houston-based oilfield service company Weatherford International has emerged from Chapter 11 bankruptcy with roughly $10 billion of financial support.
In a Friday morning statement, Weatherford announced that the company emerged from Chapter 11 with $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, including a $450 million revolving credit facility, secured a $195 million letter of credit facility, and secured over $900 million of liquidity.
"This is a notable day for Weatherford as we have emerged as a stronger, more focused organization," Weatherford CEO Mark McCollum said in a statement. "With renewed balance sheet strength, a strong customer base and a portfolio designed to meet the needs of our industry, we believe we are well-positioned to build on our reputation as a leader in the oilfield services sector and to capitalize on the growth opportunities ahead."
More: https://www.houstonchronicle.com/business/energy/article/Weatherford-emerges-from-bankruptcy-with-10-14909646.php (https://www.houstonchronicle.com/business/energy/article/Weatherford-emerges-from-bankruptcy-with-10-14909646.php)