Weatherford to file for bankruptcy on cash shortage; shares -12.5% ​​- Weatherford International plc (NYSE: WFT)

Along with a revenue report out now after a previous postponement, Weatherford (NYSE: WFT) says in its 10-Q filing that it expects to file for bankruptcy in Chapter 11.

Shares are down 12, 5% after hours.

It hopes to come to an agreement with notaries for a pre-packaged plan, it says; the plan requires two debt holdings: a revolver of up to $ 750 million and a loan facility of up to $ 1B, stopped by the consent.

The cash flow was adversely affected by a number of factors, the company said, including an uncertain oil price environment, weak energy sector conditions mainly in Canada, seasonal and weather-related disturbances, and an unfavorable forex effect in Argentina.

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