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OFS - Weatherford to file for bankruptcy after dismal Q1 earnings - May 2019

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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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