Reuters logo
Avenue Capital urges Ocean Rig to hire advisers
October 17, 2017 / 8:03 PM / a month ago

Avenue Capital urges Ocean Rig to hire advisers

Oct 17 (Reuters) - Ocean Rig UDW’s fifth-biggest investor Avenue Capital Group on Tuesday urged the offshore driller to hire advisers to review “opportunities”, a day after top investor Elliott Management made a similar demand.

The hedge fund said it intends to hold discussions with Elliott and second-biggest investor BlueMountain Capital Management LLC.

Avenue Capital urged the company to look at changes to its capital structure, asset utilization and possible strategic deals.

The fund has a 7.63 percent stake in Ocean Rig as per Thomson Reuters data. (Reporting by Taenaz Shakir; Editing by Sriraj Kalluvila)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below