Weatherford International asks High Court to sanction scheme and capital reduction

The High Court will hear on Tuesday 27 October 2026 the application by Weatherford International plc to sanction its scheme of arrangement and to confirm a reduction of its issued share capital. The hearing is listed for 10.00 a.m. Irish time at the Four Courts, Inns Quay, Dublin 7, and the notice is published in Iris Oifigiúil No. 78 of 29 September 2026 under record number H.COS.2026.0000325.

The notice was placed at the order of the High Court of Ireland dated 23 September 2026, after the company applied to the court on the same day. The proceedings are brought in the matter of Weatherford International plc under Sections 449 to 454 of the Companies Act 2014, which govern schemes of arrangement, and under Sections 84 to 86 of the same Act, which deal with reductions of share capital.

The restructuring has already cleared two shareholder hurdles. A meeting of the Scheme Shareholders, as defined in the proposed scheme between the company and those shareholders, was held on 3 September 2026, and the Scheme Shareholders passed the necessary resolution approving the Scheme of Arrangement without modification.

Shareholders back scheme and capital reduction

At an extraordinary general meeting held the same day, 3 September 2026, the shareholders of the company passed, among other things, a special resolution to reduce the issued share capital by cancelling and extinguishing all of the Cancellation Shares, as defined in the Scheme of Arrangement, under Sections 84 and 85 of the Companies Act 2014. The resolution does not reduce the authorised share capital of the company.

What the court is asked to decide

The company’s application seeks orders under two headings:

• Section 453(2) of the Companies Act 2014, sanctioning the Scheme of Arrangement.
• Sections 84 and 85 of the Companies Act 2014, confirming the Capital Reduction.

The Irish High Court has directed that both matters be heard together at 10.00 a.m. Irish time on Tuesday 27 October 2026 at the Four Courts, Inns Quay, Dublin 7.

Deadline for parties intending to appear

Any person who intends to appear at the hearing must notify the company’s solicitors, Matheson LLP, 70 Sir John Rogerson’s Quay, Dublin 2, Ireland, quoting reference BC/KR 661725/64:

• Notice must be given in writing not later than 5.00 p.m. Irish time on Wednesday 21 October 2026.
• The notice must state whether the person intends to support or oppose the application.
• Any affidavit evidence on which that person intends to rely must be served on the company’s solicitors by that date and time.
• A copy of the originating notice of motion and the grounding affidavit may be obtained from Matheson LLP.

The outcome reaches beyond the company itself: sanction by the High Court would complete a restructuring that cancels and extinguishes the Cancellation Shares held by the Scheme Shareholders, and the 21 October deadline fixes the last date for any party intending to support or oppose the application to come before the court.

Source: Iris Oifigiúil, No. 78 of 29 September 2026, section I (official reference: H.COS.2026.0000325).