WFT Stock Price – Weatherford International Ltd. Stock Quote (U.S.: NYSE)


Weatherford shares plunge on plans to file for Chapter 11 bankruptcy

Weatherford International Ltd. shares plunged in the extended session Friday after the oilfield services company said it planned to file for Chapter 11 bankruptcy protection. Weatherford shares dropped 67% after hours, following a 3.8% decline to close the regular session at 37 cents. In a Securities and Exchange Commission filing late Friday, Weatherford said “the market outlook for our company and the energy sector continues to be constrained due to the uncertainty of anticipated activity particularly in North America, including lower spending by many of our customers resulting in lower than expected benefits from our transformation.” Because of those uncertainties and tightened access to credit “the company believes that it will not be able to generate sufficient liquidity to service all of its debt and other obligations or comply with its debt covenants at some point within the next twelve months” and that these “conditions raise substantial doubt about our ability to continue as a going concern.” In February, Weatherford’s stock got a boost following a report of positive cash flow.

Source : MTV