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Following the tracks of Noble Energy and Diamond Offshore Drilling, Valaris Plc has also filed for Chapter 11 bankruptcy. The firm's revenue has taken a major hit due to the slump in the oil prices. Oil companies have canceled or delayed drilling programs while asking for price concessions and other contract modifications. Valaris ended the first quarter with $6.8 billion of debt against roughly $200 million in cash and $1.3 billion available on its credit facility.
