Oilfield services firm Weatherford to file for Chapter 11 bankruptcy

(Reuters) – Oilfield services provider Weatherford International Plc, burdened by a heavy debt load and years of losses, said on Friday it would file for Chapter 11 bankruptcy protection.

The company, which at its peak was valued at more than $50 billion, never recovered from the 2014 oil price collapse. Efforts under Chief Executive Officer Mark McCollum to quickly sell assets and pare debt struggled.

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