May 10, 2019 / 10:32 PM / 13 days ago

Weatherford to file for Chapter 11 bankruptcy

May 10 (Reuters) - 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. (Reporting by Arathy S Nair in Bengaluru; Editing by Anil D’Silva)

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