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Fly News Breaks for March 4, 2016
PACD
Mar 4, 2016 | 06:36 EDT
Citi analyst Scott Gruber downgraded Pacific Drilling to Sell saying the outlook for offshore drillers is "rapidly deteriorating" with drillship dayrates near cash costs. A covenant violation appears likely at the end of 2016 while Pacific Drilling has "sizeable" debt maturities in 2017 and 2018, Gruber tells investors in a research note. He believes the odds of a financial distress event are rising and cut his price target for the shares to 0c from 50c.
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