July 24, 2019 / 12:31 AM / 24 days ago

Facing nominal recovery, Weatherford shareholders rally for equity committee

Major shareholders of Weatherford International PLC have urged the judge overseeing the oilfield services giant’s bankruptcy to take the rare step of appointing a committee for them so they may investigate the company’s finances.

In a Monday filing in U.S. Bankruptcy Court in Houston by their lawyers at Proskauer Rose, the shareholders said they urgently need an equity committee because they are the only creditors with a stake in delving into “unreliable” financial projections made by the company in recent months.

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