Weatherford Bermuda definition
Examples of Weatherford Bermuda in a sentence
For the avoidance of doubt, Weatherford Bermuda and Weatherford Delaware may make payments on behalf of Weatherford Parent that would otherwise be considered prepetition claims of Weatherford Parent in the Irish Scheme of Arrangement so long as such payments are in the ordinary course of business and otherwise in accordance with the terms of this Plan and the DIP Orders.
On the Initial Distribution Date, either Weatherford Delaware or Weatherford Bermuda will issue the New Tranche A Senior Unsecured Notes up to an aggregate principal amount of up to $1.25 billion, which will be offered Pro Rata to all holders of Allowed Prepetition Notes Claims through a rights offering (the “Rights Offering”), which will be fully backstopped by the Backstop Parties pursuant to the Backstop Commitment Agreement which is attached hereto as Exhibit H.
To implement the foregoing restructuring, in parallel with these Chapter 11 Cases, and contemporaneously with the Debtors’ commencing these Chapter 11 Cases, Weatherford Bermuda (the “Bermuda Debtor”) expects to commence “provisional liquidation” proceedings (the “Bermuda Proceedings”) pursuant to sections 161 and 170 of the Companies Act 1981 of Bermuda by presenting a “winding up” petition to the Supreme Court of Bermuda (the “Bermuda Court”).
Payments of interest by Weatherford Bermuda or Weatherford Delaware on New Tranche B Senior Unsecured Notes to Non-Irish Holders should not be subject to IWT.
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For the avoidance of doubt, Weatherford Bermuda and Weatherford Delaware may make payments on behalf of Weatherford Parent that would otherwise be considered prepetition claims of Weatherford Parent in the Irish Scheme of Arrangement so long as such payments are in the ordinary course of business and otherwise in accordance with the terms of the Plan and the DIP Orders.
Pursuant to the Transaction, each common share, par value U.S. $1.00 per share, of Weatherford Bermuda was exchanged for one registered share, par value 1.16 Swiss francs ("CHF") per share, of Weatherford Switzerland.
In February 2009, we completed a share exchange transaction in which Weatherford International Ltd., a Bermuda exempted company ("Weatherford Bermuda"), became a wholly-owned subsidiary of Weatherford International Ltd., a Swiss joint-stock corporation ("Weatherford Switzerland"), for purposes of changing the Company's place of incorporation from Bermuda to Switzerland (the "Transaction").
Weatherford Bermuda $ 461,300,000 2038 9.875% 2039 Notes Weatherford Bermuda $ 250,000,000 2039 6.750% Notes Weatherford Bermuda $ 462,601,000 2040 5.950% Notes Weatherford Bermuda $ 374,961,000 2042 6.
On July 1, 2019, Weatherford Ireland, Weatherford Bermuda, and Weatherford Delaware, filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas (the “Cases”).