Ocean Rig

Dry bulk shipping magnate George Economou’s Ocean Rig has filed for bankruptcy under Chapter 15 of the US Bankruptcy Code due to $3.69 billion debts and a prolonged drillship market downturn. Dry bulk shipping magnate George Economou’s Ocean Rig has reached an agreement with creditors representing over 72% of its $3.69 billion debt for a financial restructuring. Dry bulk shipping magnate George Economou commented that Ocean Rig will emerge as a much stronger company after Chapter 15. New York listed Ocean Rig operations will continue as normal.