Weatherford International has accomplished its monetary restructuring and emerged from chapter 11 safety.
The firm emerges with a stronger monetary basis, having diminished roughly $6.2 billion of excellent funded debt, secured $2.6 billion in exit financing services, together with a $450 million revolving credit score facility, secured a $195 million letter of credit score facility, and secured over $900 million of liquidity.
“This is a notable day for Weatherford as we have now emerged as a stronger, extra centered group,” mentioned Mark A. McCollum, president and CEO of Weatherford. “With renewed stability sheet energy, a powerful buyer base and a portfolio designed to satisfy the wants of our trade, we consider we’re well-positioned to construct on our popularity as a pacesetter within the oilfield providers sector and to capitalize on the expansion alternatives forward. I need to thank our devoted workers, prospects and suppliers, who continued to consider in Weatherford and labored with us to attain this profitable stability sheet recapitalization.”
Weatherford expects its newly issued bizarre shares will initially resume buying and selling on the OTC Markets with the corporate finally planning to transition buying and selling to the New York Stock Exchange, topic to the receipt of relevant approvals. The transition to the New York Stock Exchange is anticipated to happen after the corporate reviews outcomes for its fourth quarter ending December 31, 2019, holds an investor name, and completes the fresh-start accounting course of, that are anticipated to be accomplished by early March.
New Board of Directors. A brand new board of administrators was appointed upon the Company's emergence, offering vital experience and expertise to Weatherford because it enters the subsequent part of progress and innovation. The new board of administrators consists of seven members, together with Chairman of the Board Thomas R. Bates, Jr., John F. Glick, Neal P. Goldman, Gordon T. Hall, Mark A. McCollum, Jacqueline Mutschler, and Charles M. Sledge. Regarding the brand new board, Mr. McCollum continued: “The data and engagement of our new board of administrators will higher allow us to ship on the alternatives in entrance of us and stay centered on reaching targets which might be in one of the best curiosity of all the corporate's stakeholders.”
Weatherford was represented within the recapitalization by Latham & Watkins LLP, Matheson, Hunton Andrews Kurth LLP, Lazard Freres & Co. LLC, Alvarez & Marsal and Conyers Dill & Pearman.
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