Houston-based Parker Drilling said Wednesday it's filing for bankruptcy and losing its listing on the New York Stock Exchange.
The financially hobbled onshore drilling contractor has struggled mightily since the last oil bust that began in late 2014 and Parker has barely stayed afloat of late.
So Parker Drilling is opting for a prearranged Chapter 11 bankruptcy filing with a reorganization plan supported by some of Parker's top lenders and shareholders that's intended to cut its debt load by two-thirds and maintain sufficient operations in the interim.
The goal is for Parker to fix its . . .
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