Nordea Bank announces credit event on Weatherford’s structured notes

By Sarah Lizee

Olympia, Wash., July 17 – A bankruptcy credit event occurred under Weatherford International Ltd.’s structured note program, according to a notice from Nordea Bank Abp.

International Swaps and Derivatives Association, Inc.’s determination committee resolved that the bankruptcy credit event had occurred under the program. The credit event determination date was July 2.

The credit event may reduce the redemption amount, and the amount on which the interest amount is calculated, if any, holdings, trading lots and pool factors at clearing systems and/or listing venues were updated.

Weatherford is an oilfield services company based in Baar, Switzerland. The company filed bankruptcy on July 1 in the U.S. Bankruptcy Court for the Southern District of Texas under Chapter 11 case number 19-33694.

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