Bankruptcy Protection

Crude Oil

Diamond Offshore Drilling Files for Chapter 11 Bankruptcy Protection As Demand Drops

Diamond Offshore Drilling., the rig contractor, owned by Loews Corp., filed for bankruptcy amid an unusual crash in crude prices that is dampening demand for oil exploration at sea. The firm listed $5.8 billion of assets and $2.6 billion of debt in a Chapter 11 petition filed in Houston, citing year-end 2019 records. It has nearly $434.9 million of money…