Investors Show Disappointment With Weathford Over Sale of Borets Stake
Following the market close on Wednesday, Weatherford International (NYSE: WFT) released a form 8-K showing that the company had sold its stake in Borets for $400 million.
The transaction came in two parts, $370 million in cash and a $30 million promissory note. What seemed to be irking investors was the announcement that the company would use the proceeds to pay down debt, not issue a dividend or spur growth.
Projected gains from the transaction came in at $25 million.
The 8-K also showed that the company's CFO, John Briscoe had left the company to pursue other opportunities.
Following the news, Weatherford International shares fell 5.65 percent to $15.74.
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