Debt 54.3 billion yuan! This global giant goes bankrupt
According to a recent report on the Russian Today website, Valaris Plc, the world's largest offshore drilling platform contractor, filed for bankruptcy protection in the United States on the 19th local time to restructure its debt. In addition, the United States "shale oil pioneer" Chesapeake Energy, which has been hit hard by the new crown pneumonia epidemic and low oil prices, also announced its application for bankruptcy protection at the end of June this year.
The debt is as high as 54.3 billion yuan!
According to reports, Valaris listed USD 7.85 billion (approximately RMB 54.3 billion) in debt in its bankruptcy application. After the bankruptcy filed this time, more than half of the creditors agreed to convert more than USD 6.5 billion of debt into equity. The company will also receive 500 million US dollars in new financing from creditors.
Valaris CEO Tom Burke said that the new crown epidemic has exacerbated the sharp contraction of the energy industry, and companies must take measures to create a stronger company that can adapt to the long-term downturn in the industry. He also said that the company will continue to provide services to customers during the bankruptcy filing.
Valaris, headquartered in London, UK, was formed in 2019 by the merger of the American oil and gas drilling company Ensco Plc and the offshore drilling contractor Rowan Companies Plc, with an ultra-deepwater drilling ship , The high-quality drilling fleet composed of multi-functional semi-submersible drilling ships and modern shallow-water jack-up drilling platforms has extensive operating experience in almost all major offshore basins.
Affected by the new crown epidemic this year and the plunge in oil prices, major oil companies have been struggling, but they still cannot escape the fate of bankruptcy.
In early April of this year, Whiting Petroleum Corp., a U.S. shale drilling company, filed for bankruptcy protection and became the first shale oil company to fall. At the end of April, the U.S. Diamond Offshore Drilling Inc. also filed for bankruptcy protection. Declared an application for bankruptcy protection. Analysts pointed out that due to the high debt ratios of most companies in this field, more companies may face bankruptcy.
U.S. shale oil and gas giants also "planted"
However, the US "shale oil pioneer" Chesapeake Energy (NYSE: CHK) has also declared its application for bankruptcy protection, which has been hit hard by the new crown pneumonia epidemic and low oil prices.
According to Xinhua News Agency, Chesapeake, an established American shale oil and gas company, issued a press announcement on the 28th local time that the company has applied for bankruptcy protection to the Bankruptcy Court for the Southern District of Texas for asset reorganization.
According to the announcement, Chesapeake Energy has signed a restructuring support agreement with major creditors, and the restructuring will reduce debt by approximately $7 billion. Doug Lawler, president and CEO of Chesapeake Energy, said that restructuring is necessary for the company to achieve long-term success and create business value. At the same time, the announcement added that Chesapeake also agreed to the main terms of the US$2.5 billion exit financing, and some of its lenders and holders of guaranteed notes have agreed to support the company's US$600 million new share issuance.