Weatherford International PLC, a bankrupt oil-field services provider whose shares are trading at around a nickel a share, plans a return to the stock market after its chapter 11 proceedings end, the Wall Street Journal reported. The Swiss company, which on Monday became one of the biggest oil patch bankruptcies in years, said in a court filing it plans to have shares in a reorganized company listed on the Nasdaq Stock Market, the New York Stock Exchange or another national exchange shortly after leaving bankruptcy. In mid-May, the NYSE suspended trading in Weatherford shares and began proceedings to delist the stock because of its low price, the company said. After that, the stock began trading on the over-the-counter bulletin board, also known as Pink Sheets, the company said. Weatherford’s reorganization plan, which it hopes to get approved by the U.S. Bankruptcy Court in Houston by mid-September, would reduce its debt to about $2.5 billion from more than $8.3 billion. Bondholders are expected to convert much of their debt into equity. Bondholders would receive nearly all of the equity in the reorganized company if the restructuring agreement is approved. Nearly 80 percent of bondholders have signed onto the proposed deal so far, and none have yet voted to reject it, Weatherford said yesterday.
