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Weatherford to appear back in bankruptcy court

Struggling oilfield service company Weatherford International was due back in a Houston bankruptcy court on Wednesday afternoon, when a judge would review the company’s proposed reorganization plan.

Company officials and their attorneys were expected to appear before Bankruptcy Judge David Jones, who was expected to review the company’s proposed reorganization plan, at the U.S. District Courthouse in downtown Houston at 2:30 p.m. Wednesday.

Weatherford filed for Chapter 11 bankruptcy protection on July 1. The prepackaged bankruptcy plan was supported by 80 percent of the company’s creditors.

Since its initial filing, the company has filed two amended reorganization plans, with similar levels of support from creditors. The latest plan, filed on Monday, would give Weatherford access to $600 million in credit and the ability to issue $2.1 billion of unsecured senior notes.

With roots going back to 1941, Weatherford had grown to become the nation’s fourth-largest oil field services company but racked up $10 billion in debt along the way.

Headquartered in Switzerland but with its principal offices in Houston, the struggling oilfield service company has not made a profit since the third quarter of 2014.

With a bleak outlook for demand during the rest of 2019, Weatherford has been supplementing its operations with cash from investing and financing activities.

This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.

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