Oilfield services firm Weatherford International has reportedly filed for bankruptcy.

According to Reuters, the company filed a prepacked restructuring plan with the U.S. Securities and Exchange Commission on June 29.

The firm reportedly has around $8.35 billion worth of debt which would be reduced to $2.5 billion with the restructuring.

Reuters says the first hearing could be as soon as Tuesday.

Weatherford opened a new technology super center in Odessa in the middle of June.

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