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 filing in Texas envisions eliminating all of the company’s borrowings -- more than $3.4 billion -- by swapping debt for equity, the company said in a statement. Bondholders have … [Read more...]
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 new surge of COVID-19 cases threaten to stall any recovery in fuel demand, law firm Haynes and Boone said in a report released this week. Bankruptcies surged in the second quarter, including from major shale independents … [Read more...]
Hornbeck Offshore Services to File for Chapter 11 Bankruptcy in Pre-Packaged Restructuring Agreement
Photo: Hornbeck Offshore Services 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 taken its toll on global oil demand, combined with the Saudi-Russia oil price war which have sent oil prices plummeting since … [Read more...]
American Commercial Lines to File for Chapter 11 Bankruptcy
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...]