Weatherford International announced that it has completed its financial restructuring and emerged from chapter 11 protection which has seen it reduce its outstanding debt by US$6.2 billion.
In a statement, Weatherford said that it now emerges with a stronger financial foundation having reduced approximately $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, including a $450 million revolving credit facility, secured a $195 million letter of credit facility, and secured over $900 million of liquidity.
"This is a notable day for Weatherford as we have emerged as a stronger, more focused organization," said Mark A. McCollum, president and chief executive officer of Weatherford. "With renewed balance sheet strength, a strong customer base and a portfolio designed to meet the needs of our industry, we believe we are well-positioned to build on our reputation as a leader in the oilfield services sector and to capitalise on the growth opportunities ahead.”
Weatherford said it expects its newly issued ordinary shares will initially resume trading on the OTC Markets with the Company ultimately planning to transition trading to the New York Stock Exchange, subject to the receipt of applicable approvals by March next year.
As part of the emergence from the restructuring, Weatherford has appointed a new Board of Directors that it hopes will provide it with the right experience as it enters the next phase of growth and innovation.
The new Board of Directors consists of seven members, including 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.
McCollum commented: "The knowledge and engagement of our new Board of Directors will better enable us to deliver on the opportunities in front of us and remain focused on achieving objectives that are in the best interest of all the Company's stakeholders."