Weatherford has completed ‘second day’ hearing in the US Bankruptcy Court for the Southern District of Texas
Image: Weatherford attends ‘second day’ hearing in the US Bankruptcy Court. Photo: Courtesy of suphakit73/FreeDigitalPhotos.net
Weatherford International plc, Weatherford International Ltd., and Weatherford International, LLC (collectively, “Weatherford” or the “Company”), one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry, today announced that the Company has completed a successful “second day” hearing in the U.S. Bankruptcy Court for the Southern District of Texas.
Notably, the Court granted Weatherford final approval for its debtor-in-possession (“DIP”) financing, which includes access to the remaining $250 million not previously included in the interim court approval. This additional financing, combined with the existing DIP facility and access to the cash generated by the Company’s ongoing operations, is available to meet the Company’s day-to-day needs. The Court’s approvals at this hearing, coupled with the prior final approvals for the Company’s customer programs, cash management system, insurance, and other ordinary course operations at the first day hearing, will allow Weatherford to continue to operate in the ordinary course during the pendency of the cases.
Source: Company Press Release