Global Marine said it has filed under Chapter 11.
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Eleven of the Houston-based company’s subsidiaries also filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Among the subsidiaries that filed are Global Marine Drilling, the company’s offshore drilling subsidiary, and Challenger Minerals, the company’s oil and gas exploration and production subsidiary. The company said that its separate turnkey drilling subsidiary, Applied Drilling Technology, which has no substantial outstanding debt, is not included among the filing subsidiaries and will not be affected by the Chapter 11 filings.
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