I did notice the voluntary, but it is quite hard to phantom what...

I did notice the voluntary, but it is quite hard to phantom what is going on there.

As far as I know, there is no comaparable mining services bankruptcy that even comes close to HDX in the last cycle.
The ones I know that have gone bankrupt are Viento, McAleese, WDS ltd, Forge and Arrium.
And you can't compare any of those with HDX in terms of free cashflow or balance sheet strength.
Those companies either had exposure to contracts that went bad and caused large losses (Viento, WDS and Forge) or they were too leveraged and had too little free-cash flow (McAleese and Arrium).
If I have missed one, please tell me, but I don't think so.

I can't see how a contract at HDX could cause giant losses (if they don't perform I guess they are just thrown out instead of running large losses), or have too little cashflow (they generated 20+ million of free cashflow last year and invested close to 25 million in the business over 1,5 years or so).

And they can only be insolvent for 2 reasons:
- negative equity (seems hard considering they had 70+ million in equity last time)
- not being able to pay the bills/repay debt

If it is option 2, I guess a 5-15 million equity raise should suffice IF they are still throwing off cash from drilling operations to plug that hole and provide some working capital.

I still wonder what they did to end up in this situation.
When you look at mining serivices companies like Brierty, Mitchell Services or E&A and see how leveraged they are (and how little free cashflow they generate) and continue to get banking support, then you wonder what must have happened here to go so wrong so fast..

Another strange thing is the fact Rreichdrill isn't included. How can that happen if they are in administration?