Ann: S&P Ratings Services Downgrade, page-36

ML173's comment is one valid scenario. But there can be another scenario...

If the shareholders think like owners of this business, rather than merely speculators, and believe that the current rig utilisation may be close to the bottom of the current mining cycle, they may be willing (as I am) to reduce debt by injecting more capital (albeit risking more capital, but only a fraction of well over a billion dollars of capital already sunk in) and be willing to ride out the mining cycle, they may have a huge upside in front of them!

They would of course do this if (a big if, I know) they can be convinced that the Directors and Management have learnt their lesson and know what to do for the company's future, which is the directors' job to convince shareholders of. In other words, why not do what Private Equity would do after getting hold of the company but before the company gets driven to administration as a consequence of high debt in this environment. As part of this solution, there may need to be additional expertise brought in, apart from capital.