Restructuring will reduce long term debt by more than 5.8 billion dollars. No impact to customers, vendors or employees. (From Yahoo finance)
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This is from the 10-Q Form released Friday after market close.
Furthermore, we are in negotiations for definitive commitments related to debtor-in-possession facilities (“DIP Facilities”), which are expected to be completed in the near term. The capital restructuring transaction is expected to be implemented through cases to be commenced by the Company and certain of its subsidiaries under Title 11 of the United States Bankruptcy Code and an examinership proceeding under the laws of Ireland. There can be no assurances that the capital restructuring transaction a s described in the proposed RSA, including entry into the DIP Facilities, will be completed. See “ Note 20 – Subsequent Events ” for additional details regarding the proposed RSA, the DIP Facilities and the expected capital restructuring transaction.
Good luck to all of you.
Wow,type in chapter 11 success rate
The added benefit of chopping our debt will be that we will then get taken over by a rival which will cure most of the existing bad management problem.
Any good managers will hopefully survive and the new entity thrives and is a company that we can actually be proud to work for.
100% agree that the debt restructuring can’t be the end, it can only be the end of the beginning.
Restructuring the debt is obviously a high priority but what we need to prioritize after that is the restructuring of management at every level. The debt and terrible results are a manifestation of bad management and lets not forget that. These worthless hangers on need to be purged without mercy or a couple of years down the line we are going to be in the same position due to letting these incompetent charlatans pass under the radar. This should be an extremely urgent priority.
Weatherford should go through a major re haul because as it stands we are a joke. We are automatically associated with terrible management, terrible sales, terribly maintained equipment, no training, graft, theft, nepotism and an absolutely terrible reputation regarding the treatment of operational staff. This situation needs to change if we want to change on more than a superficial level. A few token gestures here and there won’t help anything. My two cents.
When WFT’s debt is restructured it will no longer be a turd, that is what myopic people aren’t seeing yet.
Don’t engage with mo--n’s, they’ll drag you down to their level and beat you with experience.
So what is it? Did they reach a agreement or are they doing chapter 11?????
Dear @Z0M6kHU-hvz,
Is your job title, 7urd Polisher?
If that turns out to be the case, and we write off 5.8 billion then our debt service drops by ~70% which will free up 200 - 300 million in interest payments a quarter. This could give us a cash flow positive company that can invest and grow effectively. However, I’m not confident that the banks will accept the full 5.8 billion hit.
I’m pleased this decision has been made by the company, we were going no where but if they get this right we will be restructured before the debt bomb blows on the vast number of other over indebted companies.
I’m sure that this won’t be easy but will it be any less difficult than the last 4-5 years? At least now there appears to be a chance of working in a ‘normal’ environment and that should give all employees hope rather than fear.
The time to jump ship is gone, why go through all the pain of the past few years to leave just when the transformation that was really needed all along has started?
This situation isn’t a threat, it’s an opportunity for those smart enough to see it.
No impact to customers, vendors, or employees. Customers will still get poor service, vendors will still have to wait to be paid, employees will still be treated poorly.