Chapter 7 is on the way... 315million loss last quarter. It's amazing that anyone even takes this executive team seriously. In the age of trump losing billions yearly is a measure of success!! You cannot make this sh&* up!
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It does feel like the end game is coming, another $300+ million loss next Q and the chapter 7 fire sale will be inevitable
what do people expect, managers keep telling employee's its the best thing that's happened to Weatherford everything is going to be ok, they are not bankrupt only chapter 11. And apparently their right when you claim bankruptcy don't managers and sales always get retention bonuses and commissions when you file for bankruptcy because that's what was happening. Can't pay off their 7.6 billion in debt but now can write off 5.3 billion and everyone in management get bonuses. Sounds like a receipe for success. Sr management and sales will continue to fill their pockets while they can and the real workers continue to get peanuts thrown at them and asked to dance. I guess most people stay because either there too scared or incompetent to go out and find a new job/company that actually might really give a sh– about them. Hopefully carma comes around and Weatherford does go tits up which they deserved, they had their chance at making things right a long time ago and f**ked it up. What amazes me is why producers in Canada still continue to support and American company that does nothing to support Canadian Oil & Gas but takes their money back to the good old USA. What has Donald Trump done for Canadian oil. Oh yeah buy it at reduced price and turn around and sell it for double the price. Western Canada is crippled because of our id–t for prime minister and a tirant in the US.
Have you noticed any changes from the Bernie days. Didn't think so. New id–ts, old mentality. Company essentially a hedge fund; sale to Hal soon and don't expect to keep your job. Keep your resume warm!
Wrong. Weatherford come out of chapter 11 and then get taken out by the competition, less the debt burden. Before the usual ‘intellectuals’ appear and say ‘Weatherford are terrible, why would anyone buy them?!’ the answer is that when Weatherford are absorbed our competitors bargaining ability with the customer increases. Low margins are damaging / k–ling the service companies, take one of them out and that will help margins grow.
Wow! How do they even make payroll at this point?