Weatherford International has completed its financial restructuring and emerged from Chapter 11 protection.
Weatherford International received approval from the U.S. Bankruptcy Court for the Southern District of Texas for access to up to $1.5 billion of DIP financing.
Weatherford International has executed a restructuring support agreement with a group of its senior noteholders. The agreement anticipates $1.75 billion in DIP financing, which would include a revolver led by Citigroup.
Weatherford International entered into amendments to its revolving credit and term loan agreements with a lender group led by JPMorgan Chase as administrative agent.
Weatherford International amended its existing revolver with a lender group led by JPMorgan Chase serving as administrative agent. The modification will permit lenders to add up to a maximum of $250 million in additional commitment.