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Court grants final approval for Weatherford's debtor-in-possession financing


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Court grants final approval for Weatherford's debtor-in-possession financing

The U.S. Bankruptcy Court for the Southern District of Texas granted final approval for Weatherford International PLC's debtor-in-possession financing, according to an Aug. 5 company news release.

The financing includes access to $250 million that had not been included in the interim court approval. Weatherford said the additional financing, coupled with the existing debtor-in-possession facility and access to the cash generated by its ongoing operations, is available to meet its day-to-day needs.

The Dublin-based oilfield services company sought Chapter 11 bankruptcy protection July 1 after filing a prepackaged restructuring plan with the SEC on June 28 that provided debtor-in-possession financing consisting of a $1.0 billion term loan facility and a $750 million revolving credit facility.