Weatherford secures exclusivity extension with foreign cases pending

By Caroline Salls

Pittsburgh, Nov. 26 – Weatherford International plc secured an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company’s exclusive plan-filing period was extended through Dec. 28 and the solicitation period through Feb. 26.

As previously reported, Weatherford’s plan of reorganization was confirmed on Sept. 11.

The company said in the extension motion that its capital structure and debt issuances by non-U.S. entities necessitated the filing of an Irish scheme of arrangement proceeding and the appointment of provisional liquidators and implementation of a scheme of arrangement in Bermuda, the completion of which are conditions to the effectiveness of the Chapter 11 plans.

Both of those proceedings are expected to be completed in the fourth quarter.

“Out of an abundance of caution, the debtors believe it is prudent to seek an extension of the exclusive periods to preserve their exclusive right to file and solicit a new plan of reorganization should unforeseen issues arise with respect to the restructuring, the Irish proceeding or the Bermuda proceeding,” the motion said.

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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