RE:RE:RE:RE:RE:RE:RE:RE:Credit S will dislove this company and sell it privatly lateLike many companies, over-levering in the good times is what has caused this situation. The rigs that are operating, are making money but expanding in to Africa was a major over-reach. I can only imagine the culture issues, timezone difficulties etc, combined with integration problems. Softer commodity prices likely didn't help either. That said, they have made a lot of right moves to try to rightsize the company but is it too little too late.
I think they had something else in the works on Friday that either 1) fell apart completely or 2) was needed for a delay that likely impacted the debt levels in total or in form. They then had to co-ordinate with the various lenders to enact the Forbearance deal, getting signatures for sign off as well as review by legal. These are not easily executed at times. As others pointed out, the short time period of only 10 days makes me think they have something cooking. For those long here, lets hope it is 2). For those short, good luck on 1).
Mr. Dawson is I am sure locked out from commenting. This is not a Dawson thing but a securities regulator thing.