Weatherford files for bankruptcy protection

The oilfield services company Weatherford International filed for Chapter 11 bankruptcy protection Monday, after struggling to assimilate the companies it bought during a quest for growth, taking on too much debt and fighting to recover from falling oil prices in 2014 that hammered the energy industry.

Weatherford, which got its start in 1941 and had grown to become the nation’s fourth-largest oil field services provider, reported to the bankruptcy court in Houston that it had as much as $10 billion in liabilities, including $7.5 billion in unsecured bond debt. Weatherford said in its bankruptcy filing that it could not determine the value of the debt from its other largest creditors.

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