Oilfield service provider Weatherford International PLC, or Weatherford Ireland, on Sept. 23 applied to the High Court of Ireland to begin a plan of arrangement as part of its ongoing bankruptcy proceedings.
According to a Sept. 23 securities filing, Weatherford Ireland said the petition is required under the Irish Companies Act 2014 and comes after the company received approval of its amended prepackaged Chapter 11 reorganization plan in the U.S. Bankruptcy Court for the Southern District of Texas. The oilfield services provider sought Chapter 11 bankruptcy protection July 1.
Under Irish law, the filing begins a 100-day period during which Weatherford Ireland will be protected against enforcement and other actions from its creditors.
Weatherford Ireland plans to continue operations during the protection period and expects the terms of the plan of arrangement to mirror that of the amended prepackaged Chapter 11 reorganization plan.
