Support For Weatherford's Restructuring Agreement Increases To 74% Of Outstanding Senior Unsecured Notes
Weatherford International plc (NYSE: WFT) ("Weatherford" or the "Company") announced today that additional holders of its senior notes have signed the restructuring support agreement (the "Restructuring Agreement") previously announced by the Company on May 10, 2019. With the new signatories, over 74% of the Company's senior unsecured note holders are now parties to the Restructuring Agreement, an increase of approximately 12% following the Company's initial disclosure of the Restructuring Agreement last week.
The proposed comprehensive financial restructuring contemplated by the Restructuring Agreement 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. The Company and noteholder parties to the Restructuring Agreement are in the process of negotiating definitive documentation relating to the transactions contemplated by the Restructuring Agreement, including commitments for debtor-in-possession financing facilities.