One of the latest energy companies to fall victim to struggling finances is Weatherford International. The oilfield services firm based in Houston, Texas but with a handful of offices in Oklahoma City and Yukon has filed Chapter 11 bankruptcy protection after warning in May that it might do so.
Holders of nearly 79% of the company’s outstanding notes agreed to the restructuring according to the filing. The proposed restructuring will cut the company’s funded debt from nearly $8.35 billion to $2.5 billion.
Debt holders will receive about a 99% stake in the company that emerges from Chapter 11, according to the filing.
The Chapter 11 case is expected to get underway this week with a possible first hearing on Tuesday.