Weatherford Cuts $400M In Debts From Ch. 11 Plan

Law360 (September 11, 2019, 2:06 PM EDT) -- Oil field services company Weatherford International is asking a Texas bankruptcy court to sign off on a revised Chapter 11 plan it says trims $400 million in post-bankruptcy debt from the prepackaged plan it first submitted to the court in July.

In a motion filed Monday, Weatherford argued that a new disclosure filing and vote for the revised plan is not needed, as the effect of the change will be to hand its creditors a more valuable, less indebted company when the Chapter 11 case ends.

“The debtors believe, in the exercise of their business judgment and consistent with their fiduciary...

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