RE:Come onRisky's been right so far. Lets examine how this might work.
TID, the company you have shares in, does not own the rigs, they are owned by the operating subsidiaries in Brazil, Columbia and Ecuaror. TID owns the shares of those operating companies.
The debt is on the books of TID, the security for the debt is the shares of the operating co's owned by TID.
CS form a new company (Newco) with new management, they swap the amount of debt owed by TID for the shares of the operating companies which they then vend into Newco.
TID is left as a shell company with no debt and no assets.
Newco's management pretty it up and sell it to one of the major drillers, Nabors or somebody and CS get their money back.