Transocean's moves to stave off bankruptcy "
could be exactly what ends up sending the offshore drilling company into Chapter 11 alongside some of its biggest peers," Bloomberg reports.
The company recently engineered a
bond swap to trim some of its $9B debt load and ease the crunch caused by slumping energy prices, but other creditors, led by Whitebox Advisors and PIMCO, say the deal amounts to a default because it pledges assets that Transocean already promised to them.
Some creditors are seeking a settlement but would be prepared to demand immediate repayment of their debt if a deal cannot be reached, which could lead to Transocean filing for bankruptcy, according to the report.
Transocean has said in court papers that the default claim is baseless and should be dismissed, and it calls Whitebox "a dissident minority noteholder seeking to force the company into bankruptcy."