Energy News

Weatherford exits bankruptcy, names new board

Weatherford International PLC, which has its main U.S. office in Houston, has emerged from Chapter 11 bankruptcy protection.

The company’s restructuring process eliminated about $6.2 billion of outstanding funded debt, according to a Dec. 13 press release. When the initial bankruptcy petition was filed in July, the company listed total debts of nearly $8.34 billion and total assets of nearly $6.52 billion.

Now, Weatherford has emerged with $2.6 billion in exit financing facilities, including a…