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ORIG

Ocean Rig UDW

$0.16

-0.0272 (-14.55%)

09:24
06/19/17
06/19
09:24
06/19/17
09:24

Ocean Rig: Highland won't pursue objections to recognition of Cayman proceedings

Ocean Rig UDW announced that Highland Capital Management LP has advised the Company that it will not object to the recognition by the U.S. Bankruptcy Court of the provisional liquidation and scheme of arrangement proceedings before the Grand Court of the Cayman Islands as foreign main or foreign nonmain proceedings. Highland has advised the U.S. Bankruptcy Court that it has terminated all discovery efforts and that it will not object to the recognition of the Cayman Proceedings of the Company and its subsidiaries, Drill Rigs Holdings, Drillships Financing Holding, and Drillships Ocean Ventures at the recognition hearing scheduled for August 16, 2017 .The Company has also announced today that creditors holding in excess of 90% of the affected claims of each Scheme Company have signed or acceded to the RSA and support the Schemes. Of the approximately $3.7 billion of affected debt under the UDW Scheme, as of June 19, 2017 creditors holding no less than 94.42% of such debt have signed or acceded to the RSA and support the restructuring. Of the approximately $1.9 billion of affected debt under the DFH Scheme, as of June 19, 2017 creditors holding no less than 98.87% of such debt have signed or acceded to the RSA and support the restructuring. Of the approximately $1.3 billion of affected debt under the DOV Scheme, as of June 19, 2017 creditors holding no less than 97.07% of such debt have signed or acceded to the RSA and support the restructuring. Of the approximately $460 million of affected debt under the DRH scheme, as of June 19, 2017, creditors holding no less than 92.43% of such debt have signed or acceded to the RSA.

ORIG Ocean Rig UDW
$0.16

-0.0272 (-14.55%)

08/16/16
DBAB
08/16/16
DOWNGRADE
Target $1
DBAB
Hold
Ocean Rig UDW downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Mike Urban downgraded Ocean Rig UDW to Hold saying the company's restructuring is likely unfavorable for existing equity holders. Management surprised the market by announcing that a restructuring was likely over the next several months, Urban tells investors in a research note. He cut his price target for the shares to $1 from $4.
08/16/16
08/16/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Hain Celestial (HAIN) downgraded to Equal Weight from Overweight at Barclays, to Neutral from Buy at SunTrust, to Underweight from Neutral at Piper Jaffray, and to Underweight from Neutral at Atlantic Equities. 2. JPMorgan (JPM), SunTrust (STI), and Regions Financial (RF) downgraded to Market Perform from Outperform at Bernstein. 3. Performance Sports Group (PSG) downgraded to Neutral from Outperform at Wedbush with analyst James Hardiman saying the delay in the filing of the company's 10-K could cause it to default. 4. Ocean Rig UDW (ORIG) downgraded to Hold from Buy at Deutsche Bank with analyst Mike Urban saying the company's restructuring is likely unfavorable for existing equity holders. 5. Alarm.com (ALRM) downgraded to Market Perform from Outperform at Raymond James with the firm citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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CYBE

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