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Vantage Drilling files for bankruptcy, strikes debt-for-equity swap

|About: Vantage Drilling Company (VTG)|By:, SA News Editor

Vantage Drilling (NYSEMKT:VTG) filed for Chapter 11 bankruptcy protection last night after reaching a deal on a debt-for-equity swap with lenders and bondholders.

VTG is proposing a restructuring pact that would convert $1.6B in debt into equity in the reorganized business plus $750M in new senior subordinated bonds.

VTG and its Offshire Group Investment Ltd. affiliate will remain open during the bankruptcy case and business operations will be unaffected.

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