Vantage Drilling Reports First Quarter Results for 2016

Vantage Drilling (OTCMKTS:VTGDF) has reported a net loss of $471 million or the period between January 1, 2016 and February 10, 2016 for the Predecessor Company, and a net loss of $29 million for the Successor for the period, including February 10, 2016 through March 31, 2016.
As quoted in the press release:

Upon emergence from Chapter 11 bankruptcy on February 10, 2016, Vantage adopted fresh-start accounting, which resulted in the Company becoming a new entity for financial reporting purposes. References to “Successor” relate to the financial position and results of operations of the reorganized Vantage as of and subsequent to February 10, 2016. References to “Predecessor” refer to the financial position of Vantage as of and prior to February 10, 2016 and the results of operations prior to February 10, 2016. As a result of the application of fresh-start accounting and the effects of the implementation of our Plan of Reorganization, the financial statements on or after February 10, 2016 are not comparable with the financial statements prior to that date.
The Predecessor’s operating results for the period from January 1, 2016 to February 10, 2016, include approximately $452.9 million of Reorganization Items. The Successor’s operating results for the period from February 10, 2016 through March 31, 2016 include Reorganization Items of approximately $154,000.
For the three month period ended March 31, 2015, the Predecessor reported net income of approximately $22.6 million.

Click here for the full press release.