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Weatherford files amended reorganization plan

Weatherford International PLC filed an amended prepackaged plan of Chapter 11 reorganization with the U.S. Bankruptcy Court for the Southern District of Texas, according to a Sept. 9 news release from the company.

Upon exit from bankruptcy, Weatherford will have access to additional financing in the form of an undrawn first lien exit revolving credit facility in the principal amount of at least $600 million and up to $2.1 billion of a single tranche of new senior unsecured notes with a five-year maturity. The total amount of new senior unsecured notes was slashed from the original plan of $2.5 billion to $2.1 billion.

The new senior unsecured notes will consist of $500 million of new takeback notes and up to $1.6 billion in new financing to be issued for cash to holders of subscription rights obtained through a rights offering for holders of outstanding senior unsecured notes. The rights offering notes issuance is supported by an amended backstop commitment that boosts the financing of $1.25 billion from the original plan to up to $1.6 billion.

Weatherford International sought Chapter 11 bankruptcy protection July 1.

In a separate Sept. 10 news release, Weatherford said it signed a four-year, $87 million contract for fishing and intervention services with Petróleo Brasileiro SA, the largest fishing deal Weatherford has landed.