Restructuring Plan Best Course of Action for Oil & Gas Company but Bleak for Equity Holders – Streetwise Reports

The details and effects of the plan, which is in negotiation as part of a Chapter 11 bankruptcy, were explored in a Raymond James report.

In a May 12 research note, Raymond James analyst Praveen Narra reported that as part of its Chapter 11 bankruptcy, Weatherford International Ltd. (WFT:NYSE) entered negotiations to restructure its outstanding notes, which will mean “equity holders [will] get minimal recovery of new common stock.” The analyst added that “while it is a challenging decision, we continue to see the prepackaged restructuring as the best course of action.”

In the proposed restructuring plan, existing notes would be canceled and exchanged for 99% of the com…

Read the full article at: https://www.streetwisereports.com/article/2019/05/16/restructuring-plan-best-course-of-action-for-oil-gas-company-but-bleak-for-equity-holders.html

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