Weatherford emerges from Chapter 11, completes restructuring

Chicago, Dec. 13 – Weatherford International plc announced that it has completed its financial restructuring and emerged from Chapter 11 protection on Friday, according to a press release.

The company secured $2.6 billion in exit financing, including a $45 million revolver and a secured $195 million letter of credit facility. The company secured over $900 million of liquidity.

Weatherford announced that it has reduced approximately $6.2 billion of outstanding funded debt.

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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