Valaris to Explore Bankruptcy With Its Creditors

Offshore oil driller Valaris PLC is preparing to start talks with creditors to see if they can agree on terms for a possible bankruptcy filing, as it grapples with a $6.5 billion debt burden and an unprecedented plunge in U.S. crude prices, people familiar with the matter said on Tuesday.

Reuters reported last month that the London-based company was working with debt restructuring advisers as it struggled to cope with a rig accident and falling energy prices.

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