Ocean Rig UDW Files for U.S. Bankruptcy Protection
28 Março 2017 - 10:50AM
Dow Jones News
By Patrick Fitzgerald
Offshore drilling contractor Ocean Rig UDW Inc. filed for
bankruptcy protection in the U.S. to block distressed debt
investors from interfering with a debt restructuring that will
slash $3.7 billion in debt from its books.
The Cayman Islands holding company filed Monday night for
protection under chapter 15, the section of the U.S. code dealing
with cross-border insolvencies. Ocean Rig is one of a number of
offshore rig owners and operators brought down by the prolonged
slump oil and gas prices.
In a filing Monday filing with the U.S. Bankruptcy Court in New
York, Antonios Kandylidis, Ocean Rig UDW's president, said the U.S.
filing was necessary to protect the company from "vulture
investors" who bought up the company's debt last year on the cheap,
hoping to take advantage of the steep decline in oil prices.
"These were bad bets," said Mr. Kandylidis, alluding to the
traders' wager that Ocean Rig would pay off its bonds at maturity.
Instead, facing an April 3 interest payment of $14.9 million, Ocean
Rig filed for bankruptcy to pursue its debt-for-equity swap with
lenders.
Judge Martin Glenn of the U.S. Bankruptcy Court in New York
Monday granted Ocean Rig a temporary restraining order to block
creditors from interfering with its debt restructuring.
AlixPartners' Eleanor Fisher and Simon Appell have been
appointed Ocean Rig UDW's Cayman liquidators. Evan Hollander of
Orrick, Herrington & Sutcliffe is handling the U.S. bankruptcy
case. The case number is 17-10736.
Write to Patrick Fitzgerald at patrick.fitzgerald@wsj.com
(END) Dow Jones Newswires
March 28, 2017 09:35 ET (13:35 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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