October 17, 2017 / 8:00 PM / 2 years ago

Avenue Capital urges Ocean Rig to hire advisers

Oct 17 (Reuters) - Ocean Rig UDW’s fifth-biggest investor Avenue Capital Group on Tuesday urged the offshore driller to hire advisers to review “opportunities”, a day after top investor Elliott Management made a similar demand.

The hedge fund said it intends to hold discussions with Elliott and second-biggest investor BlueMountain Capital Management LLC.

Avenue Capital urged the company to look at changes to its capital structure, asset utilization and possible strategic deals.

The fund has a 7.63 percent stake in Ocean Rig as per Thomson Reuters data. (Reporting by Taenaz Shakir; Editing by Sriraj Kalluvila)

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