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Home / Business / Weatherford shares plunge on plans to file for bankruptcy

Weatherford shares plunge on plans to file for bankruptcy



Weatherford International Ltd.

WFT, -3.81%

shares fell in the extended session on Friday after the oilfield services company announced it would apply for Chapter 11 bankruptcy protection. Weatherford shares fell 67% in hours after a decline of 3.8% to close the regular session at 37 cents. In a US Securities and Exchange Commission filing late Friday, Weatherford said, "The market outlook for our company and the energy sector remains tight due to uncertainty about expected activities, particularly in North America, which led to lower spending by many of our clients than Expects benefits from our transformation. "Due to these uncertainties and increased 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 its debt clauses within Over the Next Twelve Months "" The circumstances give rise to significant doubts about our ability to continue operations. " In February, the Weatherford share gained momentum following positive cash flow.

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