Weatherford Says Expects To File “Pre-Packaged Bankruptcy Plan”

Oilfield services provider Weatherford International Plc said on Monday it would soon have debtor-in-possession financing that would allow it to file a plan for Chapter 11 bankruptcy and emerge quickly with little debt.

The company said it expects to enter into two processes of debtor-in-possession financing, including a revolving credit facility of up to $750 million provided by banks or other lenders and a loan facility of up to $1 billion.