WASHINGTON (dpa-AFX) - Diamond Offshore Drilling, Inc. (DO) and select subsidiaries have filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code. Diamond plans to use the proceedings to restructure and strengthen its balance sheet and achieve a more sustainable debt profile.
Marc Edwards, CEO, said: 'After a careful and diligent review of our financial alternatives, the Board of Directors and management, along with our advisors, concluded that the best path forward for Diamond and its stakeholders is to seek chapter 11 protection. Through this process, we intend to restructure our balance sheet to achieve a more sustainable debt level to reposition the business for long-term success.'
Copyright RTT News/dpa-AFX
© 2020 AFX News
