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.