Weatherford International will file a pre-arranged restructuring plan in US
and Irish courts that would give 99% of its equity to the holders of 62% of its
senior unsecured notes, the company announced May 10. Market headwinds,
WFT’s tumble on the NYSE, trouble generating positive cash flow
and an underperforming
transformation plan all
combined with $7.92 billion in net debt
to send the ailing member of the service sector’s “Big Four” into Chapter 11
bankruptcy. The company also filed with the Securities......
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