Weatherford Ireland unit petitions to begin examinership proceeding

By Caroline Salls

Pittsburgh, Sept. 23 – Weatherford International plc applied on Monday to the High Court of Ireland seeking court approval to begin an Irish examinership proceeding and scheduled meetings of some of Weatherford Ireland’s creditors to approve a proposed scheme of arrangement, according to an 8-K filed Monday with the Securities and Exchange Commission.

As previously reported, Weatherford International’s Chapter 11 plan of reorganization was confirmed on Sept. 11 by the U.S. Bankruptcy Court for the Southern District of Texas. The company said Weatherford was required to file a petition under the Irish Companies Act 2014 following confirmation of the plan.

Weatherford said the terms of the scheme are expected to mirror the terms of the Chapter 11 plan.

The company said the filing of the Irish examinership proceeding began a 100-day protection period during which Weatherford Ireland will have the benefit of protection against enforcement and other actions by its creditors.

According to the 8-K, Weatherford Ireland intends to continue operating its business in the ordinary course during the protection period.

Weatherford is an oilfield services company based in Baar, Switzerland. The company filed bankruptcy on July 1 under Chapter 11 case number 19-33694.

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