Defaulted Bond Holders Are Closer to Seizing Rig They Don't Want

  • Investors declare default on Oro Negro's $175 million bond
  • That leaves tough choice: Take rig or hold on for Pemex deal

Spurned bondholders of Mexican oil-field operator Oro Negro Offshore Drilling Pte are moving ever closer to the one option they’d hoped to avoid at all costs: seizing a rig hardly anyone wants.

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