HOUSTON, Dec. 13, 2019 /PRNewswire/ -- Weatherford
International plc today announced that it has completed its
financial restructuring and emerged from chapter 11 protection.
The Company emerges with a stronger financial foundation having
reduced approximately $6.2 billion of
outstanding funded debt, secured $2.6
billion in exit financing facilities, including a
$450 million revolving credit
facility, secured a $195 million
letter of credit facility, and secured over $900 million of liquidity.
"This is a notable day for Weatherford as we have emerged as a stronger,
more focused organization," said Mark A.
McCollum, President and Chief Executive Officer of
Weatherford. "With renewed balance
sheet strength, a strong customer base and a portfolio designed to
meet the needs of our industry, we believe we are well-positioned
to build on our reputation as a leader in the oilfield services
sector and to capitalize on the growth opportunities ahead. I want
to thank our dedicated employees, customers and suppliers, who
continued to believe in Weatherford and worked with us to achieve this
successful balance sheet recapitalization."
Weatherford expects its newly
issued ordinary shares will initially resume trading on the OTC
Markets with the Company ultimately planning to transition trading
to the New York Stock Exchange, subject to the receipt of
applicable approvals. The transition to the New York Stock Exchange
is expected to occur after the Company reports results for its
fourth quarter ending December 31,
2019, holds an investor call, and completes the fresh-start
accounting process, which are expected to be completed by early
March (details to follow).
New Board of Directors
A new Board of Directors was
appointed upon the Company's emergence, providing critical
expertise and experience to Weatherford as it enters the next phase of
growth and innovation. The new Board of Directors consists of seven
members, including Chairman of the Board Thomas R. Bates, Jr.,
John F. Glick, Neal P. Goldman, Gordon
T. Hall, Mark A. McCollum,
Jacqueline Mutschler, and
Charles M. Sledge. Regarding
the new Board, Mr. McCollum continued: "The knowledge and
engagement of our new Board of Directors will better enable us to
deliver on the opportunities in front of us and remain focused on
achieving objectives that are in the best interest of all the
Company's stakeholders."
Weatherford was represented in
the recapitalization by Latham & Watkins LLP, Matheson, Hunton
Andrews Kurth LLP, Lazard Freres & Co. LLC, Alvarez &
Marsal and Conyers Dill &
Pearman.
Forward-Looking Statements
Certain statements in this
press release are forward-looking statements. In addition, our
management may from time to time make oral forward-looking
statements. All statements, other than statements of historical
facts, are forward-looking statements. Forward-looking statements
may be identified by the words "believe," "expect," "anticipate,"
"project," "plan," "estimate," "may," "will," "could," "should,"
"seek" or "intend" and similar expressions. Forward-looking
statements reflect our current expectations and assumptions
regarding our business, the economy and other future events and
conditions and are based on currently available financial, economic
and competitive data and our current business plans. Actual results
could vary materially depending on risks and uncertainties that may
affect our operations, markets, services, prices and other factors
as discussed in the Risk Factors section of our filings with the
Securities and Exchange Commission (the "SEC"). While we believe
our assumptions are reasonable, we caution you against relying on
any forward-looking statements as it is very difficult to predict
the impact of known factors, and it is impossible for us to
anticipate all factors that could affect our actual results.
Important factors that could cause actual results to differ
materially from those in the forward-looking statements include,
but are not limited to, management's expectations of plans,
strategies, objectives, growth and anticipated financial and
operational performance; financial prospects; anticipated sources
and uses of capital and other matters that are not historical
facts. For a more detailed discussion of these and other risk
factors, see the Risk Factors section in our most recent Annual
Report on Form 10-K and Quarterly Report on Form 10-Q and our other
filings made with the SEC. All forward-looking statements are
expressly qualified in their entirety by this cautionary notice.
The forward-looking statements made by us speak only as of the date
on which they are made. Factors or events that could cause our
actual results to differ may emerge from time to time. We undertake
no obligation to publicly update or revise any forward-looking
statement as a result of new information, future events or
otherwise, except as otherwise required by law.
About Weatherford
Weatherford is one of the largest
multinational oilfield service companies providing innovative
solutions, technology and services to the oil and gas industry. The
Company operates in more than 80 countries and has a network of 620
locations, including manufacturing, service, research and
development, and training facilities and employs more than 24,000
people. For more information, visit www.weatherford.com and
connect with Weatherford on
LinkedIn, Facebook, Twitter and YouTube.
Contacts:
Stuart Fraser
+1.713.836.4208
Interim Chief Financial
Officer
Karen David-Green
+1.713.836.7430
Senior Vice President Stakeholder Engagement and Chief Marketing
Officer
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SOURCE Weatherford International plc