Offshore driller Ocean Rig UDW Inc is preparing to explore a sale amid pressure from some of its largest shareholders to review its strategic alternatives, according to three people familiar with the matter. The move will be a key test of Ocean Rig’s value after it emerged from Chapter 15 bankruptcy in September, Reuters reported. Its business has suffered as low oil prices have made offshore drilling less economically attractive and pushed more oil exploration onshore.
Chapter 15 Headlines
Brazil’s Odebrecht Oil & Gas filed for bankruptcy protection in the U.S. Friday to help implement a previously announced multibillion-dollar debt restructuring, The Wall Street Journal reported. Odebrecht Oil & Gas, an arm of engineering conglomerate Odebrecht SA, sought chapter 15 protection, the section of the bankruptcy code that deals with international insolvencies, in the U.S. Bankruptcy Court in New York. Large foreign companies, particularly those with U.S. operations or dollar-denominated debt, often file for bankruptcy in the U.S.
Japanese auto supplier Takata Corp filed for U.S. bankruptcy protection on Wednesday in an effort to pause lawsuits against the company over faulty air bag inflators - more than a month after its U.S. unit filed for bankruptcy in the same court, the International New York Times reported on a Reuters story. In its filing with the U.S.
International offshore driller Ocean RIG UDW Inc filed for Chapter 15 bankruptcy protection in a U.S. court late Monday, hit by cancellations as major oil producing customers withdrew from deep water projects amid falling oil prices, Reuters reported. The Cayman Islands holding company, which spent heavily on new drill ships earlier in the decade, said lower oil prices will continue to weigh on client demand during 2017. More than half of its drilling units are currently inactive. In a filing with the U.S.
The Hanjin Shipping Company filed for bankruptcy in South Korea on Aug. 31, and sought recognition of that bankruptcy in the United States under Chapter 15 of the bankruptcy code, which governs such matters. In the meantime, there has been apparent chaos as ships have been milling about off shore, stranding cargo and crew and even a filmmaker in a kind of insolvency limbo, the International New York Times DealBook blog reported. Perhaps what is most surprising about this entire event is the apparent lack of planning that went into this bankruptcy case.
Kaisa Group Holdings Ltd., which last year became the first Chinese real estate developer to default on dollar bonds, is seeking to use U.S. bankruptcy law to help its debt reorganization in a Hong Kong court, Bloomberg News reported. The Shenzhen, China-based company filed a Chapter 15 petition in Manhattan court Thursday. Companies use that provision of U.S. bankruptcy law to deal with U.S. creditors or lawsuits when reorganizing in another country.
Abengoa SA has filed for bankruptcy protection in the U.S. as the Spanish energy company continues talks with its banks and bondholders to agree on its plan to restructure billions of dollars in debt, The Wall Street Journal reported. The renewable energy company, which operates around the world, on Monday night filed for chapter 15 protection, the section of the U.S. bankruptcy code dealing with cross-border insolvencies, in U.S. Bankruptcy Court in Wilmington, Del. The bankruptcy filing comes after Abengoa struck a deal with key creditors that gives it more time—through Oct.
The liquidators of a pair of failed Cayman Islands-based hedge funds run by a former Harvard quarterback are suing Barclays PLC to claw back some $80 million they say was illegally funneled to the bank to cover margin calls, The Wall Street Journal reported. The offshore funds--ICP Strategic Credit Income Fund Ltd. and ICP Strategic Credit Income Master Fund Ltd. -- were so-called feeder funds managed by ICP Asset Management LLC, a money-management firm founded by Thomas C. Priore. Lawyers for the liquidators said in a suit filed in U.S. Bankruptcy Court in New York that Mr.
Rizzo Bottiglieri de Carlini Armatori SpA, a marine freight transportation services provider, moved to shield its U.S. assets by filing a bankruptcy petition in Texas after seeking protection from creditors in Italy, Bloomberg News reported. The company filed under Chapter 15 of the U.S. Bankruptcy Code, which would prevent creditors from taking action against the company’s U.S.-based assets while it reorganizes under Italian law. The company listed assets and debt of more than $500 million each in court documents filed Wednesday in U.S. Bankruptcy Court in Houston.
South Korean bulker operator Daebo International Shipping has filed for bankruptcy protection in the Southern District of New York, TradeWinds News reported. The Chapter 15 petition follows an application to commence rehabilitation proceedings in the Seoul Central District Court, which was submitted on 11 February 2015. Since then, at least five creditors have filed lawsuits against Daebo and its affiliates in the US, which is why observers say they aren't surprised by today’s revelation.