Note:
Valaris PLC (NYSE:VAL) has been covered by me previously, so investors should view this as an update to my earlier articles on the company.
Two weeks ago, I advised investors in leading offshore driller Valaris to prepare for the company to restructure its debt obligations under chapter 11 of the U.S. Bankruptcy Code as the fallout from the coronavirus-induced reduction in worldwide oil demand, a new oil price war and the potential loss of the company's last remaining ultra high-margin contract appears to be far too much to withstand by the ailing