Dozens of energy-related companies have filed for bankruptcy since 2015 due to the plummeting prices of crude oil. Soreide Law Group continues to hear from a growing list of investors whose broker/dealers recommended a high-concentration of risky oil and gas stocks for their conservative portfolios. In many cases this has caused devastating and irreplaceable losses to their, in many cases, retirement portfolios. If this energy company enters bankruptcy, it could leave investors at the end of a very long creditor’s line. Did your broker over-concentrate your portfolio in the oil and gas stock:
Ensco plc (ESV)
| 52 Week Range | 6.50 - 12.36 | ||
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Ensco plc (ESV) provides offshore contract drilling services to the oil and gas industry worldwide. The company owns and operates an offshore drilling rig fleet of 68 rigs, including 30 located in the Middle East, Africa, and the Asia Pacific, which comprise 4 rigs under construction; 21 situated in North and South America, including Brazil; and 17 located in Europe and the Mediterranean. It also offers management services on rigs owned by third-parties. The company serves government-owned and independent oil and gas companies. Ensco plc was founded in 1975 and is headquartered in London.
Ensco plc (ESV) declared that it has extended the expiration date for its earlier announced offer to exchange its $332,048,000 outstanding principal amount of 8.00% Senior Notes due 2024. The notes will be exchanged for an equivalent amount of new 8.00% Senior Notes due 2024 that have been registered under the Securities Act of 1933, as revised.
This registered exchange offer, which was slated to expire at 5:00 p.m., Mar 14, 2017, was changed until 5:00 p.m., Mar 21, 2017. All other terms of the exchange offer, as defined in the prospectus dated Feb 13, 2017, remain unchanged. As of Mar 14, holders of 98.14% of the outstanding principal amount of the 8.00% Senior Notes has submitted their notes for exchange. Holders that did not exchange their outstanding notes will continue to be subject to the existing limitations on transfer and will not be allowed to offer or sell the outstanding notes except under an exemption from applicable securities laws.
If you’ve experienced losses due to your broker’s over-concentration of Ensco plc (ESV) or any other energy-related stock, call Soreide Law Group for a free consultation with a lawyer regarding the possibility of recovering your losses at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency basis.
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