Weatherford emerges from Chapter 11, appoints new board of directors

Weatherford International has completed its financial restructuring and emerged from chapter 11 protection.

The company emerges with a stronger financial foundation, having reduced approximately $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, including a $450 million revolving credit facility, secured a $195 million letter of credit facility, and secured over $900 million of liquidity.

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