Amid COVID-19 crisis and the negative impacts that has brought, Diamond Offshore Drilling Inc. filed for bankruptcy following the unprecedented crash in crude prices that’s affecting demand for oil exploration at sea, as Bloomberg reported.
Specifically, Diamond Offshore Drilling Inc. filed for bankruptcy with debts of more than $2.6bn, blaming the oil price war and the corovavirus outbreak.
As the company informed, conditions worsened “precipitously in recent months,” citing a price war between OPEC and Russia and the Covid-19 pandemic. With cash running short, the offshore company led by Chief Executive Officer Marc Edwards skipped a semiannual interest payment due April 15 on some of its senior notes.
For the records, the Houston-based drilling company listed $5.8 billion of assets and $2.6 billion of debt in a Chapter 11 petition filed in Houston, citing year-end 2019 data. It has about $434.9 million of cash on hand, according to the document.
Overall, among others, a cruise ship company in Kobe, Japan, filed for bankruptcy following the coronavirus outbreak. It is reported that although the company had been struggling from the past, the coronavirus crisis led to the company filing for protection from creditors under the corporate rehabilitation law.
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