A little over a decade later, the cashflows are gone, and Houston's Diamond Offshore Drilling has just filed for bankruptcy listing debts of more than $2.6 billion, blaming the "unprecedented" impact of an oil price war and the coronavirus pandemic. It joins a list of other companies that have cited the coronavirus in recent chapter 11s filings.

The implosion of the company comes 10 days after it missed an interest payment on $500 million worth of bonds and said it was working with advisers on various options for its future.

In its Chapter 11 filing filed with Houston's bankruptcy court, the company listed $5.8 billion of assets and $2.6 billion of debt, as well as $434.9 million of cash on hand. Diamond said conditions in its "highly competitive and cyclical industry" had "worsened precipitously in recent months" and while the company had taken "various actions" to shore up its finances, including borrowing $400MM under a revolving credit facility in March, Chapter 11 bankruptcy represented the best return to stakeholders.

Well, maybe the bondholders, as we somehow doubt the equity, which last traded at 93 cents will be delighted. Major equity holders include NYSE-listed Loews Corporation, which owns 53% of Diamond, 2,500 staff who work there, and bondholders who are owed more than $2BN.