Monday, May 3, 2021
offshore drillship

Offshore Driller Valaris Emerges from Chapter 11 Bankruptcy After Eliminating $7 Billion in Debt

Leading offshore drilling contractor Valaris Group has emerged from Chapter 11 bankruptcy having successfully completed its financial restructuring to eliminate over $7 billion in pre-petitioned debt. Valaris’ Plan of Reorganization,...

May 3, 2021
Total Views: 5466

Monday, March 1, 2021
Ocean Princess Tanker

VLCC Fire Sale – Singapore Tanker Tycoon O.K. Lim Liquidates One-Third His Fleet To Repay Billions Of Debt

By Jessica Jaganathan (Reuters) – About one-third of the roughly 150 ships owned by companies controlled by Singapore tycoon Lim Oon Kuin and his family have been sold as part...

March 1, 2021
Total Views: 4360

Thursday, February 11, 2021

Seadrill Files for Chapter 11 Bankruptcy

Seadrill Ltd and most of its subsidiaries have filed for Chapter 11 proceedings in the Southern District of Texas as part of a balance sheet restructuring which will involve a...

February 11, 2021
Total Views: 1943

Tuesday, February 9, 2021

Noble Emerges from Chapter 11 Bankruptcy

Offshore drilling contractor Noble has emerged from Chapter 11 bankruptcy after completing a financial restructuring to eliminate $3.4 billion in bond debt. Noble emerges with a substantially delevered balance sheet...

February 9, 2021
Total Views: 1838

Tuesday, January 26, 2021
Polarcus Amani

Lenders Take Control of Polarcus Assets After Seismic Surveyor Defaults on Debt

OSLO, Jan 26 (Reuters) – Lenders took control of Polarcus’s ships on Tuesday after the seismic surveyor defaulted on its bank loans and bonds, hit by a drop in spending by...

January 26, 2021
Total Views: 3204

Monday, November 2, 2020

Pacific Drilling Files for Chapter 11 Bankruptcy

NYSE-listed offshore drilling contractor Pacific Drilling has filed for Chapter 11 bankruptcy in an effort to restructure $1.1 billion in bond debt. It’s the second time in three years the...

November 2, 2020
Total Views: 671

Wednesday, October 14, 2020
Maritime News

Bankrupt Hermitage Offshore Auctions Off Fleet

Bermuda-based Hermitage Offshore Services has announced the results of the auctioning off of its fleet of platform supply vessels and crew boats as part of its Chapter 11 bankruptcy proceedings....

October 14, 2020
Total Views: 607

Monday, August 17, 2020
Ocean Princess Tanker

Ocean Tankers Seeks To Reclaim $19 Million From Lim Family

by Jessica Jaganathan (Reuters) – The court-appointed manager of Singapore Ocean Tankers is seeking to reclaim about $19 million from the Lim family directors of the firm, who allegedly transferred the...

August 17, 2020
Total Views: 38

Friday, July 31, 2020
Maritime News

Offshore Driller Noble Corp. Files for Bankruptcy

By David Wethe (Bloomberg) –Noble Corp., the offshore drilling contractor, filed for bankruptcy after the crash in crude prices made undersea oil wells too expensive to compete. The Chapter 11...

July 31, 2020
Total Views: 29

Thursday, July 9, 2020
offshore drilling rig
Maritime News

Wave of North American Oil and Gas Bankruptcies to Continue at $40 Oil

By Liz Hampton July 9 (Reuters) – A wave of oil and gas bankruptcies in North America is likely to continue this year as oil prices remain depressed and a...

July 9, 2020
Total Views: 20

Tuesday, April 14, 2020
hornbeck offshore services
Maritime News

Hornbeck Offshore Services to File for Chapter 11 Bankruptcy in Pre-Packaged Restructuring Agreement

Hornbeck Offshore Services has announced it has entered into a pre-packaged restructuring agreement that involves it filing for voluntary Chapter 11 bankruptcy. The announcement comes as the COVID-19 pandemic has...

April 14, 2020
Total Views: 57

Tuesday, February 4, 2020

American Commercial Lines to File for Chapter 11 Bankruptcy

File Photo: Ken Schulze /</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...

February 4, 2020
Total Views: 108

Wednesday, January 22, 2020
McDermott International
Maritime News

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...

January 22, 2020
Total Views: 17

Monday, August 5, 2019
harland and wolff
Maritime News

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...

August 5, 2019
Total Views: 37

Friday, July 26, 2019
bourbon offshore
Maritime News

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...

July 26, 2019
Total Views: 9

Monday, November 19, 2018
Maritime News

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...

November 19, 2018
Total Views: 11

Thursday, November 16, 2017

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...

November 16, 2017
Total Views: 37

Tuesday, March 28, 2017

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...

March 28, 2017
Total Views: 18

Monday, March 27, 2017
Maritime News

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...

March 27, 2017
Total Views: 25

Monday, March 20, 2017
Maritime News

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...

March 20, 2017
Total Views: 39