Switzerland and Houston-based oilfield service company Weatherford International has emerged from chapter 11 bankruptcy with roughly $10 billion of financial support, the Houston Chronicle reported. In a Friday morning statement, Weatherford announced that the company had emerged from chapter 11 with $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, including a $450 million revolving credit facility, secured a $195 million letter of credit facility, and secured over $900 million of liquidity. Currently traded as a penny stock, Weatherford expects to return to the New York Stock Exchange after the company reports its fourth quarter earnings, holds an investor call and completes the fresh-start accounting process. That process is expected to be completed by early March. With roots in Texas going back to 1941, Weatherford grew to become the nation's fourth-largest oil field services company but racked up $10 billion in debt along the way. Headquartered in Switzerland but incorporated in Ireland and its principal offices in Houston, Weatherford has not made a profit since the third quarter of 2014.
