Boart Longyear shares halted

Drilling services provider in trading halt after shares tumbled on news of restructure talks.

Shares in Boart Longyear (BLY) have been placed in a trading halt, pending the release of an announcement, following news the drilling services provider has started talks with restructuring advisers to avoid going bankrupt. 

The group's shares will remain halted until the start of trade on July 18 or when the announcement is released, whichever is earlier.

Boart Longyear last week said media speculation that it was going into administration was incorrect.

But the company has now started working with insolvency practitioners that specialise in saving companies from collapse, as demand for drilling equipment from resources companies falls. 

Boart Longyear shares last traded at 9.8c, some 27.41% lower than their previous close. At 12.52pm (AEST) the benchmark index was just 0.11% lower.