March 28 Rig contractor Ocean RIG UDW Inc
filed for Chapter 15 bankruptcy protection in a U.S.
court amid a deep and prolonged downturn in the industry.
Shares of the company plunged 36.4 percent to 46 cents in
early trading on Tuesday.
The Cyprus-based company, which had $3.25 billion in debt as
of Dec. 31, filed for bankruptcy in the United States Bankruptcy
Court for Southern District of New York on Monday. (bit.ly/2o1GmI2)
Under U.S. bankruptcy laws, Chapter 15 grants a foreign
company protection from creditors looking to seize its assets in
The company said on Tuesday it entered into an agreement with
creditors representing over 72 percent of Ocean RIG's
outstanding consolidated indebtedness for a financial
Ocean Rig's chief executive, George Economou, said last year
that the company would consider alternatives, including a
possible reorganization under US bankruptcy laws.
Last year, Hercules Offshore Inc filed for bankruptcy
protection, just six months after emerging from its first
(Reporting by John Benny in Bengaluru; Editing by Anil D'Silva)