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Oilfield services giant, Weatherford International has concluded its financial restructuring and came out of Chapter 11 protection. Weatherford has cut roughly $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, which also includes a $450 million revolving credit facility. Additionally, the US-based giant has secured a $195 million letter of credit facility, and secured over $900 million of liquidity.
Almost a month after fire and explosion destroyed PES-owned largest refinery on the US east coast, Philadelphia Energy Solutions filed for its second Chapter 11 bankruptcy. The filing comes in less than two years from the first-time bankruptcy filing for the firm. A filing submitted to US Bankruptcy Court showed PES has both assets and liabilities between $1-$10 billion.