Thread regarding Weatherford International Ltd. layoffs

Weatherford gone within 12 months

Per the newly released 10-Q:

In response, we quickly increased and accelerated our workforce reduction plan, reduced certain management and employee pay, reduced other operating costs, and initiated further consolidation of our operations. However, even with our rapid and vast response and actions, given the material decline in our business as a result of the historic oversupply of hydrocarbons worldwide, we expect that a breach of our covenants under our ABL Revolving Credit Agreement is forthcoming. A breach of the financial covenants under our ABL Credit Agreement would constitute an event of default under our ABL Credit Agreement and if not cured or waived, would potentially constitute an event
of default under our LC Credit Agreement and our unsecured Exit Notes. An event of default under these agreements could result in the obligations under these agreements being accelerated or cash collateralized. Either such result would constrain liquidity to the point where we would not be able to service the interest on our debt or pay other obligations and thus, raises substantial doubt on the Company’s ability to continue as a going concern within the next 12 months

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Post ID: @OP+14VzcWVt

18 replies (most recent on top)

Whays a Weatherford, you ask? Its a has been and a name for the history books. A once succesful company ruined by ignorance and greed.

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Post ID: @gdpp+14VzcWVt

Whats a weatherford

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Post ID: @fpor+14VzcWVt

Weatherford is yesterday tech at tomorrow's prices, it hit the iceberg a long time ago and is slowly falling apart. The worst part is that 90% of management have never seen an oilfield or rig and have no idea what the client wants, a sure recipe for disaster

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Post ID: @5cgg+14VzcWVt

A lot of the field people are culls from othrr companies that dont fit in or have personality problems. You can abuse them and they wont quit because they cant quit. Theres nowhere for them to go

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Post ID: @4nnz+14VzcWVt

Justa-number hit the nail on the head! My favorite is journey management and gps monitoring. Two systems we pay for that essentially do the same. They make us do double work everything and it all costs money.

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Post ID: @1qyd+14VzcWVt

Might as well shut the doors. Who is going to order equipment from a company that isn’t likely to exist another few months.

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Post ID: @1afa+14VzcWVt

They threw away money on the stupidest things while they made us struggle to buy inventory to sell to customers. 5S, Field FX, PSRP, New Trucks, flights and hotels for all the dipshits to “teach” the latest process or procedures. Meanwhile the operations guys, who have been juggling the customers work and all the new processes can’t even get a Christmas bonus. Backwards a* company. How many days will it take to get a PO for this equipment to sell to a customer? Doesn’t matter, they are gonna cancel the PO before it gets here anyway....

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Post ID: @1ruq+14VzcWVt

No sht Sherlock that the end is nigh. Has been for years. In fact BDD got cut a deal at the right time. It's just a question of when the revolving credit line becomes sht hitting the revolving air conditioning.
Or the Gingerman from Trumpington may buy up all that cheap WTI hydrocarbon and store it for a rainy day to save his *ss and c-appy golf resorts if he can find a jerry can or two. Perhaps a nice war might deflect from the issues. Oh wait, hasn't that been done before by previous Whitehouse leaders?

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Post ID: @1dpa+14VzcWVt

At least we can have a laugh at the stupid bondholders who wrote off debt and gave the id–t management more money to lose.

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Post ID: @ikh+14VzcWVt

The only way it survives is if the U.S government bails out the industry, no one else will put their money forward now.

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Post ID: @pix+14VzcWVt

any word on Huntsville? I heard someone got sick...are we getting tested or not?

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Post ID: @vah+14VzcWVt

Aaaaaaannndddd it’s gone!

Watch out for any pension shortfall as guess what - a bankrupt company won’t be making up the difference!

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Post ID: @fei+14VzcWVt

Too big to fail???

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Post ID: @rbu+14VzcWVt

They haven't notice the horse isn't swimming upstream anymore, his nostrils are under water. Keep f—ging him with the whip. go baby go. Beatings will continue until moral improves.

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Post ID: @ppg+14VzcWVt

Flog a dead horse!

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Post ID: @mtm+14VzcWVt

Well that’s the writing on the wall. Adios Amigos😩

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Post ID: @liu+14VzcWVt

Why do you insist on playing God and keeping this alive because you can. Just because you can doesnt mean you should

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Post ID: @yoe+14VzcWVt

Same ol' song. But nop. It won't sink,

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Post ID: @bop+14VzcWVt

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