Boart says no developments on strategic review

Drilling services provider says it has been considering all options after restructure talk.

Boart Longyear (BLY) says it continues to consider all possible options for refinancing and recapitalisation in its strategic review, following news the drilling services provider has started talks with restructuring advisers to avoid going bankrupt. 

The group's shares were earlier placed in a trading halt after reports it has started working with insolvency practitioners that specialise in saving companies from collapse, as demand for drilling equipment from resources companies falls. 

"The breadth of options evaluated by the company has required the participation of restructuring advisors since the initiation of the review in late February," Boart Longyear said.

"Those advisors, along with Goldman Sachs and other advisors, continue to actively assist the company with the range of options that remain under consideration with a number of third parties."

Boart Longyear said there had been no material developments on the review, adding it would disclose such developments at the appropriate time. 

The group last week said media speculation that it was going into administration was incorrect.

Boart Longyear shares were 32.59% lower at 9.1c after coming back online, against a benchmark index fall of 0.01% at 3.37pm (AEST).

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