Vantage Drilling Company Common Shares (VTGDF)

[luvgrowth]

Vantage survives!! “Vantage and OGIL have been working on a path forward to deleverage its capital structure and take advantage of market opportunities with a strong balance sheet in light of market conditions, and we are extremely pleased to have our senior debtholders support the company to accomplish these goals, position ongoing operations for the long-term as well as to provide additional capital to supplement our solid liquidity position.” said Paul Bragg, Vantage and OGIL Chief Executive Officer. “The actions we are announcing today represent the culmination of those efforts. The agreement we’ve reached with our lenders and noteholders will eliminate more than $152 million of annual cash interest expense and position us with a strong, deleveraged balance sheet expected to have more than $242 million of cash on hand.”
Bragg continued, “Our operations around the world are not being impacted and we will continue to provide our customers with the industry-leading expertise and safe, efficient drilling services, as is our norm. The senior management team and I greatly appreciate the loyalty and support of our employees, whose dedication and hard work are critical to our success and integral to our future.”

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