Sat, 2019-05-11 19:24
HOUSTON: Oilfield services provider Weatherford International Plc, burdened by a heavy debt load and years of losses, said on Friday it would file for Chapter 11 bankruptcy protection.
The company, which at its peak was valued at more than $50 billion, never recovered from the 2014 oil price collapse. Efforts under Chief Executive Officer Mark McCollum to quickly sell assets and pare debt struggled.
Weatherford expects to reduce its long-term debt by more than $5.8 billion, through the restructuring.
Main category:
from ArabNews http://bit.ly/2VZqNBI
via Latest News of Dubai
0 Comments