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  • Reuters3 years ago

    Tuscany International Drilling files for bankruptcy

    Tuscany International Drilling Inc filed for chapter 11 bankruptcy protection late on Sunday, a court filing showed, as liquidity constraints pressed the Canadian contract driller to cut its debt load and explore strategic alternatives. Tuscany said that a "lack of viable financing options and rapidly dwindling liquidity" pushed it to decide in favor of a chapter 11 process. Tuscany received a debtor-in-possession (DIP) financing of $35 million that will help carry out operations during the restructuring process, according to the filing. The oilfield services company said it is contemplating a bidding and marketing process to seek strategic alternatives, subject to court approval.

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