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Weatherford shares plunge on plans to file for Chapter 11 bankruptcy – MarketWatch

Weatherford shares plunge on plans to file for Chapter 11 bankruptcy – MarketWatch

Weatherford International Ltd. WFT, -3.81% shares plunged in the extended session Friday after the oilfield services company said it planned to file for Chapter 11 bankruptcy protection. Weatherford shares dropped 67% after hours, following a 3.8% decline to close the regular session at 37 cents. In a Securities and Exchange Commission filing late Friday, Weatherford…

Weatherford Global Ltd.

WFT, -3.81%

shares plunged within the extended session Friday after the oilfield products and services firm stated it planned to file for Chapter 11 economic waste protection. Weatherford shares dropped 67% after hours, following a 3.8% decline to cessation the humble session at 37 cents. In a Securities and Alternate Price filing slack Friday, Weatherford stated “the market outlook for our firm and the energy sector continues to be constrained ensuing from the uncertainty of anticipated assignment specifically in North The United States, including lower spending by loads of our prospects ensuing in lower than anticipated advantages from our transformation.” Due to those uncertainties and tightened access to credit “the firm believes that this might no longer be ready to generate enough liquidity to provider all of its debt and other tasks or follow its debt covenants at some level within the following twelve months” and that these “prerequisites elevate huge doubt about our capacity to continue as a going self-discipline.” In February, Weatherford’s inventory acquired a boost following a list of particular money whisk with the circulate.

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