VAL Ensco plc

"Additional indebtedness or equity financing may not be available to us in the future for the refinancing or repayment of existing debt and other obligations, or if available, such additional debt or equity financing may not be available in a sufficient amount, on a timely basis, or on terms acceptable to us and within the limitations specified in our then existing debt instruments."

distress relevance: 0.72 market specificity: 1.00 score: 0.723 risk_factors

anchor: we may be unable to refinance our existing debt

"Our debt levels and debt agreement restrictions may limit our liquidity and flexibility in refinancing our debt, obtaining additional financing and pursuing other business opportunities."

distress relevance: 0.70 market specificity: 1.00 score: 0.698 risk_factors

anchor: we may be unable to refinance our existing debt

"To the extent we are unable to repay our debt and other obligations as they become due with cash on hand or from other sources, we will need to restructure or refinance all or part of our debt, sell assets, reduce capital expenditures, borrow more cash or raise equity."

distress relevance: 0.70 market specificity: 1.00 score: 0.697 risk_factors

anchor: we may be unable to refinance our existing debt

"If we incur material impairments in future periods, we may not be able to comply with such financial covenant."

distress relevance: 0.66 market specificity: 1.00 score: 0.660 risk_factors

anchor: our debt covenants restrict our ability to operate

"Our ability to maintain a sufficient level of liquidity to meet our financial obligations will be dependent upon our future performance, which will be subject to general economic conditions, industry cycles and financial, business and other factors affecting our operations, many of which are beyond our control."

distress relevance: 0.65 market specificity: 1.00 score: 0.654 risk_factors

anchor: we may not have sufficient liquidity to meet our obligations

"We may decide to access debt and/or equity markets to raise additional capital or increase liquidity as necessary."

distress relevance: 0.67 market specificity: 1.00 score: 0.673 mda

anchor: we may need to raise additional capital to fund operations

"The decline primarily resulted from a decline in cash receipts from contract drilling services, partially offset by a decline in cash payments related to contract drilling expenses and a decline in cash paid for interest, net of amounts capitalized."

distress relevance: 0.58 market specificity: 1.00 score: 0.585 mda

anchor: cash and cash equivalents declined significantly

"We expect that our cash and short-term investments will primarily be used to fund capital expenditures and service our debt during 2019."

distress relevance: 0.58 market specificity: 1.00 score: 0.577 mda

anchor: we may need to raise additional capital to fund operations

"Previously, our Credit Facility had a borrowing capacity of through September 2019 that declined to through September 2020."

distress relevance: 0.57 market specificity: 1.00 score: 0.571 mda

anchor: we may be unable to refinance our existing debt

"We may rely on the issuance of debt and/or equity securities in the future to supplement our liquidity needs."

distress relevance: 0.57 market specificity: 1.00 score: 0.566 mda

anchor: we may not have sufficient liquidity to meet our obligations