The stock, which peaked at almost $50 in 2008, has fallen sharply since oil prices crashed in late 2014, leading to a string of losses at Weatherford since the third quarter that year. The company has $7.6 billion in long-term debt.
Pressures on its share price intensified in the past two weeks after the Houston-based company missed its free cash flow targets in latest quarter, and said it would no longer disclose deadlines for achieving asset sales, a signal to investors that it was having trouble finding buyers.