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...]

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...]