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Weatherford completes financial restructuring, appoints new board

Weatherford International PLC completed its financial restructuring and emerged from Chapter 11 bankruptcy protection, according to a Dec. 13 release.

The company eliminated about $6.2 billion in outstanding debt and secured $2.6 billion in exit financing facilities, including a $450 million revolving credit facility. Weatherford also obtained a $195 million letter of credit and $900 million in liquidity. The oilfield services provider sought Chapter 11 bankruptcy protection July 1 and began its bankruptcy proceedings in Ireland in late September.

The company expects its newly issued shares to resume trading on over-the-counter markets. Weatherford is also planning to move trading to the NYSE, subject to applicable approvals. The transition is expected after Weatherford reports its fourth-quarter results, holds an investor call and completes a fresh-start accounting process, projected to be finished by early March 2020, according to the release.

The oilfield services provider also appointed a new board of directors. Thomas Bates Jr. will be chairman of the board. John Glick, Neal Goldman, Gordon Hall, Mark McCollum, Jacqueline Mutschler and Charles Sledge were named as members.

Latham & Watkins LLP, Matheson, Hunton Andrews Kurth LLP, Lazard Freres & Co. LLC, Alvarez & Marsal, and Conyers Dill & Pearman represented Weatherford in the recapitalization.