Weatherford International Plc officially entered bankruptcy July 1 with a planned restructuring to clear up more than $5.8 billion of long-term debt.

Similar to other oilfield service providers, Weatherford was hit hard by the 2014 oil price downturn. Despite efforts under CEO Mark McCollum, who joined Weatherford in 2017, the company continued to struggle with a heavy debt load and eventually saw its stock removed from the New York Stock Exchange in May.

As a result, Weatherford, which reported total liabilities of $10.6 billion and assets of $6.52 billion at the end of March, said May 10 it planned to file for Chapter 11 bankruptcy protection.

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