Weatherford's Revised Ch. 11 Plan To Cut $5.8B In Debt OK'd
Law360 (September 13, 2019, 2:34 PM EDT) -- A Texas bankruptcy judge has confirmed oil field services company Weatherford International LLC's revised Chapter 11 plan to slash $5.8 billion of the company's debt.
U.S. Bankruptcy Judge David Jones on Wednesday found the changes to the plan Weatherford announced earlier in the week to trim its post-petition debt by another $400 million had enough support from the affected parties that a new disclosure statement and vote would not be required.
"The company expects that the effective date of the plan will occur before year end," Weatherford said in a statement Friday.
Weatherford declared bankruptcy on July 1, following years of...
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