FIRST ON CBS7: Weatherford International expected to file bankruptcy today

HOUSTON, Tx (KOSA) -- Oilfield services company Weatherford International says it expects to file for Chapter 11 bankruptcy today, according to Chron.com.

The company said Friday nearly 80% of its creditors are backing its reorganization.

Weatherford says it's first hearing is expected to begin Tuesday.

Reports say the company is $7.6 billion in debt and hasn't made a profit since mid 2014.

The company has operated in Texas since 1941 and is one of the largest oilfield service companies in the world.

Weatherford employs around 26,500 people in 80 nations. The company has seven locations in Texas, including one in Midland.