George Economou’s Ocean Rig has filed for bankruptcy under Chapter 15 of the US Bankruptcy Code.
After facing big debts and a prolonged market downturn, the drillship owner saw the Grand Court appoint Simon Appell and Eleanor Fisher of AlixPartners as joint provisional liquidators (JPL).
The newly appointed JPLs commenced bankruptcy proceedings in New York yesterday, the company said.
Ocean Rig has reached an agreement with creditors representing over 72% of its outstanding debt for a financial restructuring, to be implemented by four separate but interconnected schemes under Cayman Islands law.
The
