Parker Drilling Company
2018 proved to be a calamitous year for the Parker Drilling Company. A provider of contract drilling, as well as rental tools and services, PDC was highlighted by CreditRiskMonitor six months before their eventual Chapter 11 filing as a public company fraught with bankruptcy risk.
Despite being a leader in their industry, with operations in 19 different countries, the Houston-Based outfit was choked by more than a half a billion dollars in debt in 2018 and sunk to a FRISK® score of "1," never to rebound:
This Bankruptcy Case Study will take you through the years-long spotlight the FRISK® score placed upon the Parker Drilling Company, who saw operating and net losses in each of their last five fiscal quarters. Additionally, PDC's leverage ratios - total debt in relation to tangible net worth, total liabilities to equity, and total liabilities to tangible net worth as core line items - worsened considerably during the same time period.
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About Bankruptcy Case Studies
CreditRiskMonitor Bankruptcy Case Studies provide post-filing analyses of public company bankruptcies. Our case studies educate subscribers about methods they can apply to assess bankruptcy risk using CreditRiskMonitor’s proprietary FRISK® score, robust financial database, and timely news alerts.
In nearly every case, a low FRISK® score gave our subscribers early warning of financial distress within a one-year time horizon. CreditRiskMonitor's proprietary FRISK® score predicts bankruptcy risk at public companies with 96% accuracy. The score is formulated by a number of indicators including stock market capitalization and volatility, financial ratios, bond agency ratings from Moody’s, Fitch and DBRS, and crowdsourced behavioral data from a subscriber group that includes 35% of the Fortune 1000 and thousands more worldwide.
Whether you are new to credit analysis or have decades of experience under your belt, CreditRiskMonitor Bankruptcy Case Studies offer unique insights into the business and financial decline that precedes bankruptcy.