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可能我就是在SEC filing里面看到的。当时搜了一大堆内容，快速浏览了一遍有个大概印象但是没整理，记不住哪个信息来自于哪里了。
SEC filing得一个一个仔细读、仔细理，很繁琐。公司都会在各自filing文件里面做出风险提示。影响投资人的信息，该披露不披露是违法的。
比如这一段关于债务条款来自于16年的一个20-F：
In addition, our secured credit facilities, which are secured by mortgages on our operating drilling units, require us and certain of our subsidiaries to maintain specified financial ratios and satisfy certain financial covenants, including the requirement that the market value of the mortgaged drilling units under the applicable credit facility, determined in accordance with the terms of that facility, does not fall below a certain percentage of the outstanding amount of the loan, which we refer to as a value maintenance clause. In general, these financial covenants relate to the maintenance of (i) minimum amount of free cash; (ii) leverage ratio not to exceed specified levels; (iii) minimum interest coverage ratio; (iv) minimum current ratio (the ratio of current assets to current liabilities); and (v) minimum equity ratio (the ratio of value adjusted equity to value adjusted total assets). Any future credit agreement or amendment or debt instrument we enter into may contain similar or more restrictive covenants.
Events beyond our control, including changes in the economic and business conditions in the deepwater offshore drilling market in which we operate, may affect our ability to comply with these ratios and covenants. Our ability to maintain compliance will also depend substantially on the value of our assets, our dayrates, our ability to obtain drilling contracts, our success at keeping our costs low and our ability to successfully implement our overall business strategy. We cannot guarantee that we would be able to obtain our lenders' waiver or consent with respect to any noncompliance with the specified financial ratios and financial covenants under our various credit facilities or future financial obligations or that we would be able to refinance any such indebtedness in the event of default.
明白。
只是有一点，现在公司市值只有$0.1B，已经油水很小了，GE要吃肉应该不会找这里下口吧。如果想养肥了再吃，现在似乎没有什么契机来实现。
倒是公司的11条船还比较新，有点价值，如果能以极低价弄到手，同时把债务逃掉，是把等待行业的轻微复苏可能油水还多些。
另外death spiral，其实即便债务违约也不是一定会走到这一步，所以这是个在基于GE的为人、还有ORIG不肯retire债务的事实基础上的speculation而已。如果出现了是绝佳的做空机会。
债务条款我是从一个网站上看到的，说债主可能会谋求orig控制权。回头找链接给你。国外网络环境里在这方面很少有谎言、谣言和不负责任的夸大其词，所以我倾向于相信里面对债务条款的说明。另外，你是个认真的人，赞～
orig好像没有披露过债务的covenant详情，只是说公司目前没有触犯covenant，要想根据backlog等数据判断death spiraral也很难。
我记得大上个季度的10-Q里面就有。不过，跟不确定性耗什么？做股票的原则是尽量寻找确定性。对于ORIG，我就等着如果它真的有death spiral financing，就可以做空。