Why Borr Drilling Stock Is Plunging Today
Shares of Borr Drilling (NYSE: BORR) slumped by as much as 13.6% on Wednesday morning, and were still down by about 8.7% as of 11:51 a.m. EST. Weighing on the oil stock was a Norwegian newspaper report that two of its creditors were discussing potential alternative plans.
In late December, Borr Drilling updated investors on its plans, stating that it was actively working with creditors to shore up its liquidity. At the time, it said it had "considerable support of all secured creditors" for a liquidity improvement plan of around $925 million over the next two years. The proposed agreement would defer several of Borr's upcoming debt maturities until 2023 if it can raise $40 million by selling new equity.
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Source Fool.com
