File Photo: Ken Schulze / Shutterstock.com</font> Indiana-based barge company American Commercial Lines announced Tuesday an agreement with its lenders to file for Chapter 11 bankruptcy as part of a pre-packaged plan to raise new capital and reduce its debt. The “Restructuring Support Agreement” will inject $200 million in new capital into the business and … [Read more...]
McDermott International Files for Chapter 11 Bankruptcy
(Reuters) - U.S. oilfield services provider McDermott International Inc said on Tuesday it would file for prepackaged bankruptcy protection under Chapter 11, as it looks to cut debt that ballooned following a major acquisition in 2018. The restructuring will be financed by a debtor-in-possession (DIP) financing of $2.81 billion, the company said. As part of the deal, … [Read more...]
Titanic Shipbuilder Harland and Wolff to File for Insolvency
By Ian Graham BELFAST, Aug 5 (Reuters) - Harland and Wolff, the Belfast shipyard that built the Titanic, was put into administration on Monday after its bankrupt Norwegian owner failed to find a buyer and calls for its nationalization were rebuffed. The shipyard, whose towering yellow cranes dominate the Northern Irish city's skyline, has been occupied by workers … [Read more...]
Insolvent Bourbon Requests Reorganization Proceedings
French offshore services company Bourbon has requested for reorganization proceedings of approximately 900 million euros in liabilities after a Chinese leasing company activated payment guarantes from the company. The request for reorganization follows demands from Chinese company ICBC Leasing that Bourbon pay all outstanding rental payment guarantees up to 2026, as per its … [Read more...]
Offshore Driller Pacific Drilling Emerges from Bankruptcy
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...]