Subsequent Event

6 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

Subsequent Event

Subsequent Events

Voluntary Reorganization Under Chapter 11 of the U.S. Bankruptcy Code

On July 1, 2019, Weatherford Ireland, Weatherford Bermuda and Weatherford Delaware filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Prior to filing the bankruptcy petition, the Debtors entered into an RSA on May 10, 2019, with a majority of holders of our unsecured notes. The parties to the RSA have agreed to support the capital financial restructuring of the Company and, as of July 12, 2019, include holders of over 80% in aggregate principal amount of our outstanding unsecured notes. The Transaction is contemplated to be implemented through cases commenced by the Debtors under Chapter 11 of the United States Bankruptcy Code, an examinership proceeding to be commenced by Weatherford Ireland under the laws of Ireland and “provisional liquidation” proceedings under the laws of Bermuda. See “Note 2 – Chapter 11 Proceedings and Ability to Continue as a Going Concern” for additional details.