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.