This feels more like shrinking until we disappear. It’s no secret how high in debt we are and how unable we are to generate any real revenue that will pull us out of it, so selling off more assets and laying people off looks to me like something that will only slow our collapse down for a year or two, nothing else.
https://finance.yahoo.com/news/weatherford-ceos-rebound-plan-relies-102605017.html
I will be a happy, happy wife when this blasted company finally goes down the toilet. Then I will get my husband back. It cannot happen soon enough for me; today would be great.
Dust off your resume and keep in touch with your colleagues that got out and found a better place.
You guys are exactly right. The sad thing is there are still thousands of relatively smart people still working for Weatherford that do not or will not accept this ugly fact staring them in the face. These folks must believe in Unicorns to think everything is going to turn out ok for Weatherford.
The banks and institutional investors that own all of Weatherford's debt won't let it die until they get as much of their money back as possible. The only way that is going to happen is by selling off assets from the company. McCollum has never been shy stating is #1 goal is to reduce the debt and to do that by selling off assets. Reducing the debt means those creditors are getting their money back. In the mean time they are making a pretty penny in interest from Weatherford. Don't forget that a bunch of the bonds that Weatherford issued are convertible to equity so if some some reason McCollum turns the business around the banks and creditors still win. At some point there will be nothing left and the company will enter bankruptcy and will disappear.