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Houston- headquartered offshore piercing specialist Diamond Offshore Drilling,Inc (NYSE: DO) reports that it as well as pick subsidiaries have actually submitted volunteer requests for reconstruction under phase 11 of the UNITED STATE Bankruptcy Code in the UNITED STATE Bankruptcy Court for the Southern District of Texas.
Diamond Offshore has an overall fleet of 15 overseas boring gears, containing 11 semisubmersibles as well as 4 dynamically located drillships
The driller states it means to utilize the Chapter 11 procedures “to restructure and strengthen its balance sheet and achieve a more sustainable debt profile, while continuing to focus on safe, reliable, and efficient contract drilling services for its global clients.”
The firm as well as its consultants are going after settlements with its vital stakeholders pertaining to a thorough restructuring strategy to resolve the funding framework.
Diamond states it has enough funding to money its international procedures in the normal program as well as to make ongoing financial investments in security as well as dependability throughout the reconstruction procedures as well as does not need extra postpetition funding right now.
Marc Edwards, President as well as Chief Executive Officer, claimed “After a careful and diligent review of our financial alternatives, the Board of Directors and management, along with our advisors, concluded that the best path forward for Diamond and its stakeholders is to seek chapter 11 protection. Through this process, we intend to restructure our balance sheet to achieve a more sustainable debt level to reposition the business for long-term success.”
Court filings as well as info concerning the insurance claims procedure are offered HERE
LOEWS TO PUBLICATION “SIGNIFICANT NON-CASH LOSS”
Diamond Offshore is 53% had by Loews Corporation (NYSE: L), In an SEC declaring, Loews claimed that efficient since the Chapter 11 declaring day, it will certainly no more combine Diamond’s lead to its monetary declarations which “about the deconsolidation, Loews anticipates to tape in the 2nd quarter of 2020 a substantial non-cash loss to acknowledge the distinction in between the bring worth as well as approximated reasonable worth of its passion in Diamond since the declaring day.
Loews’s bring worth of Diamond at December 31, 2019 was $1.5 billion.
