Thread regarding Weatherford International Ltd. layoffs

Weatherford to file for bankruptcy on cash shortfall

Along with an earnings report out now after an earlier postponement, Weatherford (NYSE:WFT) says in its 10-Q filing that it expects to file for Chapter 11 bankruptcy.

Shares are down 12.5% after hours.

It's hoping to reach a deal with noteholders for a prepackaged plan, it says; the plan calls for two debtor-in-possession facilities: a revolver of up to $750M and a loan facility of up to $1B backstopped by consenting noteholders.

Cash flow was negatively impacted by a number of factors, the company says, including an uncertain oil price environment, weak energy sector conditions mainly in Canada, season and weather-related disruptions and an unfavorable forex impact in Argentina.

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| 1841 views | | 5 replies (last May 11, 2019) | Reply
Post ID: @OP+YZvzTG1

5 replies (most recent on top)

Suspension of trading won't matter if you are a current shareholder. The shares are worthless. In chapter 11 the equity holders (current shareholders) are wiped out and the current bondholders generally become the new equity owners of the company.

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Post ID: @1szn+YZvzTG1

Business as usual $750 revolving credit and up to $1b in bank loan availability.

Plans are to restructure $5.25m of debt.

After market shares $.10

Not that it matters now as there’s a temporary suspension while in Ch.11 until date to come out of Ch.11 is released.

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Post ID: @1ghb+YZvzTG1

Thanks for reply , looks like i can work on my sun tan

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Post ID: @lto+YZvzTG1

File for bankruptcy by July 15.

It might mean you are unemployed or it might not.

Better use up your holiday days and get your expense account signed.

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Post ID: @hyc+YZvzTG1

Does this mean i'm unemployed?

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Post ID: @nys+YZvzTG1

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