Offshore drilling contractor Pacific Drilling announced Monday it has emerged chapter 11 bankruptcy after successfully completing a more than a year-long reorganization. As a result, Pacific Drilling has raised $1.5 billion in gross proceeds in new capital, consisting of $1.0 billion of new secured notes and $500 million of equity. Under the … [Read more...]
Highland’s Ocean Rig Bet: Fail in Caymans? Try Marshall Islands
By Tiffany Kary (Bloomberg) -- A battle of so-called bankruptcy tourists is erupting in New York court. On Thursday, New York bankruptcy Judge Martin Glenn holds a hearing in the long fight over Ocean Rig UDW Inc.’s $3.7 billion restructuring, which has blown around like the trade winds from the Pacific to the Caribbean. In September, about six months into a legal battle … [Read more...]
Deepwater Driller Ocean Rig Files for U.S. Bankruptcy Protection
March 28 (Reuters) - Ocean RIG UDW Inc, a Cyprus-based rig contractor, filed for Chapter 15 bankruptcy protection in a U.S. court amid a deep and prolonged downturn in the industry. Shares of Ocean Rig plunged 61 percent to 27 cents in morning trading on Tuesday. The company had $3.25 billion in debt as of Dec. 31, according to its latest annual filing. Ocean Rig said … [Read more...]
Singapore Efficiency Even Extends to Its Bankruptcy Laws
By Christopher Langner (Bloomberg Gadfly) -- When it comes to matters legal or bureaucratic, Singapore is swift to act. Bankruptcy, sometimes, can be even faster. Ezra Holdings Ltd., a Singapore publicly traded oil services group, and two of its affiliates, Ezra Marine Services Pte and EMAS IT Solutions Pte, filed for Chapter 11 protection over the weekend in a U.S. … [Read more...]
Ezra Bankruptcy Adds to Singapore’s Sorry Offshore Marine Story
By Aradhana Aravindan and Anshuman Daga SINGAPORE, March 20 (Reuters) - Oilfield services provider Ezra Holdings Ltd's decision to file for U.S. bankruptcy protection gave investors another cause for concern on Monday as its downfall added to troubles in Singapore's offshore marine sector. Ezra is one of several marine firms hit by a downturn in oil prices since 2014 that … [Read more...]