A sad state of affairs

Current management can blame previous management all they want, but the fact is WFT still owes 8 billion even after selling off three companies.....that money was supposed to go to debt reduction. Obviously it didn't. The CEO still has most of senior management still in place from the BDD era. They are the problem. Unfortunately you can't attract top talent to a company that is bankrupt. The company needs revenue, and unfortunately the best sales people are long gone. You need good field ops people to execute on the service side. most of those people are long gone to the competition. If you are a shareholder, you are betting on a three legged blind horse. A sad state of affairs to be sure

Well said, @YXDQraO-1flr.

Comment! It's anonymous!

5 replies (most recent on top)

Don’t worry about the debt repayment this year, they’ll find a way to steal even more money from the operational guys to pay for it. You think I’m joking or being ironic? just wait and see.

Another thing to remember Weatherford has a huge debt payment coming due later this year, I believe 960 million. Always thought the road to the 1 billion transformation mountain peak was to only pay the piper to live for another day.

so sadly true

[...] When companies (and civilisations) collapse the elites rob and pillage all they can before the ultimate and unavoidable end. History is a great teacher. [...]

The transformation numbers are another money making racket for the execs and McKinsey. The money ‘saved’ finances the debt to keep the bankers fed and the execs bonus gets aligned to the transformation ‘savings’ so that they get their share of the loot too.

When companies (and civilisations) collapse the elites rob and pillage all they can before the ultimate and unavoidable end. History is a great teacher.

can't agree more. This is the sad reality and the first step is to accept it.

Allow me to add another point that in my opinion has been overlooked by everyone.

The (in)famous Transformation.

I saw many slides of Corporate Presentation claiming WFT saved some many millions thanks ot the Transformation, self celebrating emails about it, awards to everyone, but my question is; where did all these millions go? Weren't they supposed to go against the Debt? I don't see them ... which makes wonder whether the Transformation numbers are true or if there are more holes to patch that abosrb all the Transofrmation savings ...

Soon also the transformation excuse will be over (I think by end of 2019) ... and then what (Assuming we will ever make it by end of the year...

Thread regarding Weatherford International Ltd. layoffs

A sad state of affairs

5 replies (most recent on top)

Post a reply