BORR - Transocean - Valaris Bankruptcy And Cautious Analyst Comments Cause Major Sell-Off - Avoid The Shares
Note:
I have covered Transocean (NYSE:RIG) previously, so investors should view this as an update to my earlier articles on the company.
On Wednesday, leading offshore driller Valaris PLC (OTCPK:VALPQ) finally filed for bankruptcy, a move that had been anticipated by the investment community for quite some time now.
As expected, shareholders will be holding the bag but, if lucky, will be allocated some wildly out-of-the-money warrants, very similar to the restructuring plan recently proposed by competitor Noble Corp. (emphasis added by author):
On the Plan Effective Date, Newco Valaris