Zapata to Sell 90% of Drilling Rigs:...
From Times Staff and Wire Service Reports
Zapata to Sell 90% of Drilling Rigs: Zapata Corp. announced that it has reached an agreement to sell a 90% interest in its drilling rig fleet to a European group for about $280 million. The Houston-based company also said it has agreed in principle with lenders to restructure about $560 million of senior secured debt. A cash tender offer for the company’s subordinated debt will be made within the next few months as the final step in Zapata’s restructuring, the company said.
