Ocean Rig UDW Inc. (ORIG)

[Net-Man]

HD - The latest filing (page F15) placed a value on the remaining bonds at less than $2 billion or <50% of face value. It would seem an appropriate thing to do to refinance and push the payments further out. It's going to be awhile before the drilling market finds a balance. What GE does is look out for himself so it wouldn't surprise to see him take on the debt with a 50% haircut and swap the face value for all of the treasury shares and still hold ORIG up for the other half.

I see ORIG as a trade only until the oil market firms up and the debt gets resolved.