30 Mar 2016listing compliance notice▼ BadMajor
Vantage Drilling CO suspended its duty to file periodic reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Mar 2016listing compliance notice▼ BadMajor
Vantage Drilling CO suspended its duty to file periodic reports with the SEC.
30 Mar 2016listing compliance notice▼ BadMajor
Vantage Drilling CO terminated the registration of a class of securities, ending its reporting obligation for them.
24 Mar 2016securities registration● Neutral
Vantage Drilling CO amended an already-effective registration statement.
24 Mar 2016securities registration● Neutral
Vantage Drilling CO amended an already-effective registration statement.
24 Mar 2016securities registration● Neutral
Vantage Drilling CO amended an already-effective registration statement.
16 Feb 2016substantial holder notice● Neutral
ANCHORAGE CAPITAL GROUP, L.L.C, ANCHORAGE ADVISORS MANAGEMENT, L.L.C, KEVIN M. ULRICH reported a Vantage Drilling CO shareholding of 1,381,475 shares (0.40% of votes) in a periodic institutional filing.
11 Feb 2016bankruptcy or receivership▼ BadMajor
The Chapter 11 plan was confirmed on January 15, 2016 and took effect on February 10, 2016, so OGIL and its subsidiaries, renamed Vantage Drilling International, were no longer Vantage subsidiaries. Vantage's Cayman liquidation continued under KPMG joint official liquidators Alex Lawson and Kris Beighton, appointed January 18, and all its directors and officers resigned.
11 Dec 2015bankruptcy or receivership▼ BadMajor
On December 11, 2015, Wells Fargo, as trustee of OGIL's 7.5% 2019 notes (which Vantage guaranteed), filed a petition in the Cayman Islands Grand Court to wind up Vantage and appoint liquidators. This is the Cayman liquidation foreseen in the December restructuring agreement. The filing also reports that OGIL signed new employment agreements on December 2 with Bragg (salary $595,000), Halkett ($430,000), Smith ($318,000) and Thomson ($285,000), and that Nicolas J. Evanoff became General Counsel effective November 10, 2015. The filing again cautions that trading in the shares is highly speculative.
3 Dec 2015bankruptcy or receivership▼ BadMajor
On December 3, 2015, OGIL and certain subsidiaries filed pre-packaged Chapter 11 petitions in Delaware (Case No. 15-12422), as foreseen in the December 1 restructuring agreement; separate insolvency proceedings for Vantage itself are expected in the Cayman Islands. The filing triggered default and acceleration of Vantage's 5.50% and 7.875% convertible notes and OGIL's term loans, 2019 and 2023 secured notes and revolver. Lenders would get $750 million of new third-lien PIK notes and new OGIL shares, OGIL shares held by Vantage would be cancelled, and Vantage would get New Common Shares for the sold VIMCO Singapore and VESI stakes, expected to go to Vantage's creditors. The filing gives no recovery for Vantage shareholders and warns that trading in its shares is highly speculative.
2 Dec 2015material agreement▼ BadMajor
On December 1, 2015 Vantage, OGIL and subsidiaries signed a Restructuring Support Agreement with term loan lenders, noteholders and RBC revolver parties, to be carried out through a pre-packaged Chapter 11 plan for OGIL and its subsidiaries (filing expected December 3, 2015) and a Cayman Islands liquidation of Vantage itself. Lenders would receive $750 million of new third-lien convertible PIK notes and new OGIL common shares, with a $75 million second-lien rights offering; existing OGIL shares held by Vantage would be cancelled. Vantage would sell its VIMCO Singapore and Vantage Energy Services stakes to OGIL for a promissory note, exchanged for New Common Shares expected to go to Vantage's creditors in the liquidation. The filing says nothing about any recovery for Vantage's own shareholders. This resolves the grace-period default and deleveraging talks begun in November.
10 Nov 2015quarterly activities report▼ Bad
Vantage Drilling CO reported quarterly revenue of $208.5 million and a net loss of $52.4 million for the period ended 2015-09-30.
9 Nov 2015quarterly activities report▼ Bad
Vantage Drilling CO reported quarterly revenue of $208.5 million and a net loss of $52.4 million for the period ended 2015-09-30.
4 Nov 2015listing compliance notice▼ Bad
NYSE MKT filed a Form 25-NSE/A dated November 4, 2015 relating to removal of Vantage's ordinary shares from listing. The filing gives no further detail. This follows the September 2015 delisting notice.
4 Nov 2015listing compliance notice● NeutralMajor
Vantage Drilling CO's exchange filed to remove a class of its securities from listing.
3 Nov 2015debt financing▼ BadMajor
Vantage did not make the $40.8 million interest payment due November 2, 2015 on its 7.5% 2019 notes and is using the grace period, which expires December 2, 2015. It says it is in talks with an informal group of secured lenders and noteholders holding over $1.5 billion of secured debt on a 'deleveraging transaction', with no agreement yet. It reports more than $200.6 million of cash on hand. If the payment is not made in the grace period, it is an Event of Default and the notes could be accelerated.
15 Sept 2015listing compliance notice▼ BadMajor
On September 14, 2015 NYSE MKT told Vantage it was suspending trading immediately and starting delisting proceedings because of the 'abnormally low trading price' of the ordinary shares. The company may appeal to a listing panel and is considering its options; meanwhile the shares trade over the counter as VTGDF. For shareholders this ends trading on the exchange where the stock had been listed.
4 Aug 2015quarterly activities report● Neutral
Vantage Drilling CO reported quarterly revenue of $212.3 million and net income of $25.0 million for the period ended 2015-06-30.
4 Aug 2015quarterly activities report● Neutral
Vantage Drilling CO reported quarterly revenue of $212.3 million and net income of $25.0 million for the period ended 2015-06-30.
7 May 2015quarterly activities report● Neutral
Vantage Drilling CO reported quarterly revenue of $217.6 million and net income of $21.4 million for the period ended 2015-03-31.
7 May 2015quarterly activities report● Neutral
Vantage Drilling CO reported quarterly revenue of $217.6 million and net income of $21.4 million for the period ended 2015-03-31.
17 Feb 2015substantial holder notice● Neutral
ANCHORAGE CAPITAL GROUP, L.L.C, ANCHORAGE ADVISORS MANAGEMENT, L.L.C, ANTHONY L. DAVIS, KEVIN M. ULRICH disclosed a new substantial Vantage Drilling CO shareholding (9.40% of votes).
5 Dec 2014auditor change● Neutral
UHY LLP resigned as auditor effective December 1, 2014 because its Texas practice was acquired by BDO USA, LLP, and the Audit Committee appointed BDO on December 3, 2014. UHY's 2012 and 2013 audit reports had no adverse opinion, and the filing reports no disagreements or reportable events.
31 Oct 2014quarterly activities report▼ Bad
Vantage Drilling CO reported quarterly revenue of $207.5 million and a net loss of $5.6 million for the period ended 2014-09-30.
31 Oct 2014quarterly activities report▼ Bad
Vantage Drilling CO reported quarterly revenue of $207.5 million and a net loss of $5.6 million for the period ended 2014-09-30.
5 Aug 2014quarterly activities report● Neutral
Vantage Drilling CO reported quarterly revenue of $219.7 million and net income of $10.2 million for the period ended 2014-06-30.
5 Aug 2014quarterly activities report● Neutral
Vantage Drilling CO reported quarterly revenue of $219.7 million and net income of $10.2 million for the period ended 2014-06-30.
6 May 2014quarterly activities report● Neutral
Vantage Drilling CO reported quarterly revenue of $232.5 million and net income of $24.8 million for the period ended 2014-03-31.
6 May 2014quarterly activities report● Neutral
Vantage Drilling CO reported quarterly revenue of $232.5 million and net income of $24.8 million for the period ended 2014-03-31.
28 Feb 2014quarterly activities report● Neutral
Vantage Drilling CO reported quarterly revenue of $238.5 million and net income of $30.3 million for the period ended 2013-12-31.