UPDATE 1-Weatherford to file for Chapter 11 bankruptcy

Oilfield services provider Weatherford International Plc, burdened by a heavy debt load and years of losses, said on Friday it would file for Chapter 11 bankruptcy protection. Efforts under Chief Executive Officer Mark McCollum to quickly sell assets and pare debt struggled. Weatherford’s shares plunged 61% to 14 cents in extended trading on Friday after reporting the plan to seek protection from creditors and a near doubling of its quarterly loss.