May 10, 2019 / 10:17 PM / a month ago

BRIEF-Weatherford Says Expects To File For Chapter 11 Bankruptcy

May 10 (Reuters) - Weatherford International PLC:

* EXPECTS TO FILE FOR VOLUNTARY RELIEF UNDER CHAPTER 11 BANKRUPTCY ON OR BEFORE JULY 15, 2019

* QTRLY TOTAL REVENUES $1,346 MILLION VERSUS $1,423 MILLION

* WEATHERFORD - QTRLY LOSS PER SHARE $0.48

* Q1 REVENUE VIEW $1.35 BILLION — REFINITIV IBES DATA

* TO PROVIDE CO WITH LIQUIDITY DURING PENDENCY OF CHAPTER 11 CASES, RESTRUCTURING SUPPORT AGREEMENT CONTEMPLATES CO WILL ENTER INTO 2 DIP FACILITIES

* DIP FACILITIES EXPECTED TO CONSIST OF REVOLVING CREDIT FACILITY OF UP TO $750 MILLION & TERM LOAN FACILITY OF UP TO $1.0 BILLION

* REVOLVING CREDIT FACILITY WILL BE PROVIDED BY BANKS/LENDERS & TERM LOAN FACILITY WILL BE FULLY BACKSTOPPED BY CONSENTING NOTEHOLDERS

* NEGOTIATION OF DEFINITIVE COMMITMENTS FOR DIP FACILITIES IS ONGOING AND IS EXPECTED TO BE COMPLETED IN THE NEAR TERM Source text : bit.ly/2VvvO5y Further company coverage:

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