Thread regarding Weatherford International Ltd. layoffs

Karma long overdue. They are glorified crooks who went too “Farr”... with paid-off slime-ball weasel named Jim, to destroy a good family business & take it over. Hope they all rot in hell for the horrific dishonesty & criminalistic deeds they have done! I’d love to toss them a few moe heavy bricks on top to help them sink.

I wish they would just get it over with. I think announcing it so far in advance has really hurt us front line workers. Their speed, or lack there of is just business as usual. Weatherford and I have a love hate relationship.

So if I am reading this right shareholders are going to get wiped out

From Yahoo Finance

"As part of the restructuring plan, all its existing unsecured notes will be exchanged for 99% of shares of the reorganized company and $1.25 billion of new senior unsecured notes, as part of its Chapter 11 bankruptcy.

According to Monday's filing, Weatherford's existing equity will be exchanged for 1% of new stock and three-year warrants to buy 10% of the new stock"

Just heard from a manager in another district today 5/10/19 that WFT was going to do chapter 11.

And I heard the reverse split on stock hasn’t been done (read the ballots went out last Wednesday).

if they go bankrupt and then restructure what will that mean for current stock holders

No sh--, this all happened exactly as stated here. I studied tax, law, and finance, and worked at two big WFT competitors. At a time when I really needed a job, I interviewed in the WFT tax department right after their SEC tax fraud ordeal and, against the advice of everyone I knew, asked, when the interview was going well, the managers of the tax department (you know, the dept that made those hundreds of millions in fraudulent tax entries that are difficult to ignore when doing reconciliations and working with the books in other ways) a key questions: What systems and processes have you put in place to make sure that no more tax fraud slips through or gets perpetrated under your watch? The response was very bad. They basically ended the interview then and there, even though I'd bet I was a shoe-in for the gig before I brought up that fraud question. If you really think about it, that's just the kind of question that needed a proper response from WFT at the time. Why? To figure out if there's any ethical capital left in the organization to salvage what economic value is there. Well, their indignation at the question (and amazing propensity to keep board members on when they drove the company into the ditch) speaks volumes. Anyway, no sh--, I left that interview and then began telling all my friends in and around the oil sector that within three years WFT would be bankrupt. Their responses included offense and almost a complete lack of belief in what I was saying. The fourth largest oil services company, say it ain't so? Well, when I made the bankruptcy prediction WFT was trading at $6 per share (that's dollars). It is now 65 CENTS per share. Maybe I'm just being dramatic. Maybe not. WFT was rotten and I think I spotted it. If they weren't rotten they'd entertain questions like I asked. Either way, no hard feelings, good for all who understand sin, folly, and the psychological underpinnings of fraud--enough to keep the big shorts on all the way down the tank.

After drop nearly 40% since Q3 results how far will be WFT from Chapter 11

No Bankruptcy Yet!

Nope

Weatherford is a great company to work for and we are 1, we will get through the rough time its just a matter of time......

WFT just reported earnings today. A 1.74 billion dollar loss for the quarter.

And I would like to point out that in the 4th quarter, asset write downs were 1.68 billion!!!

Which is what I said would happen in my original post. At least they spent the 430 million from Schlum on paying down the debt. At least they say they did. But I doubt the 10-Q will say that when they finally post it. Nothing left of this company. Better get out while you can.

So with the additional asset write downs and only 430 million less debt. How much do you think WFT is worth now? Less than nothing.

Chapter 11 would allow the removal of some debt, and removal of all the useless management layers. And allow the operations to emerge profitable. Many of the operations are profitable. But the corporate overhead is killing them, and the debt kills them in the end. Restructure under chapter 11 and many of the operations keep their jobs. Without the stupid management and the corporate burden created by all the people that were the old Weatherford. (You know who you are). Best solution for everyone !

Yep, don't think it matters if it is 7, 11, 13. There is no way this thing is coming out looking the same. Best bet for stake holders as well as creditors, is that they sell off any of the groups with any value to anyone that will take them (eg. Pressure Pumping to Schlumberger) and get the debt down and maybe some of the good workers they do have will keep their jobs with a new company that is in better shape and better managed.

Are you referring to chapter 7 or chapter 11, not sure if makes a difference at this stage

Have to agree with last post. Was at WFT previously and know for a fact, there is A LOT of inventory that should have been written off but has not been. This is because some of the managers are afraid of fallout when it is learned just how poorly they have been running their branch plants. You must also take into account that in some areas there is inventory that the manager does not know anything about so they let it sit there rather than ask a question and look like a fool.

When it comes to their IP, they do have a lot of good there however with the downturn they let folks that knew it go and have not defended it all that well and as mentioned much is for older products at this point that they have done nothing to improve upon.

good luck to those that are still there and remember the best time to get that new job is while you still have one, get to looking.

What may or may not be news to anyone on the outside, is that the asset and inventory values are crap-ola. Further huge write offs are being booked in Q4. Write downs of Latin America AR, just like HAL did. Good will is full of patents on dead product lines that they never wrote down. When you look at the total assets vs total liabilities, you see that Bankruptcy is the only solution for WFT.

This is news?

Request permission to land

WFT is like the herps. Here to stay!

Pigs will fly before wft goes down.

Bye bye WFT

No chance of a come back, prolonging the agony and digging a bigger hole with every quarter that passes, what must the shareholders and banks be thinking, look at it this way, wft was billions in debt before oil tumbled, can't even make money when things are good so what's the plan.

so true and way over due goodbye a--holes