Weatherford to file for Chapter 11 bankruptcy

Oilfield services provider Weatherford International Plc said on Friday it would file for Chapter 11 bankruptcy protection.

The company said it will look to enter into two debtor-in-possession financing, including a revolving credit facility of up to $750 million provided by banks or other lenders, and a loan facility of up to $1 billion. (bit.ly/2VvvO5y)

Weatherford’s shares plunged 61% to 14 cents in extended trading on Friday