Oil driller, KCA Deutag, is planning to sell itself to manage its growing indebtedness, Reuters reports. The company will launch a review of strategic alternatives, which includes a sale of the business or the provision of new long term capital.
The company’s private equity backer, Pamplona Capital Management, and its mezzanine creditors have been considering offers of new capital. Morgan Stanley & Company International and Lexicon Partners will assist KCA Deutag in the strategic review, adds Oil Voice.
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