The world’s fourth-largest oilfield services provider, Weatherford International, said that it had started a financial restructuring by filing for Chapter 11 bankruptcy protection in the U.S. in a bid to reduce its long-term debt of more than US$7 billion. Weatherford also expects to file for bankruptcy protection in Ireland and Bermuda in the coming months. “The comprehensive financial restructuring would significantly reduce the Company’s long-term debt and related interest costs, provide access to additional financing and establish a more sustainable capital structure,” Weatherford said in a statement this week, following up on a press release from May that it had reached a deal with senior note holders about a financial restructuring aimed at significantly reducing long-term debt. The company expected the restructuring agreement to be implemented under a ‘pre-packaged’ Chapter 11 process that would reduce its long-term debt by more than US$5.8 billion. On May 13, the New York […]