Boart Longyear Limited (ASX:BLY), a provider of drilling services, drilling equipment, and performance tooling for mining and drilling companies globally, is believed to have appointed restructuring specialist advisers Kordamentha and law firm Ashurst LLP to review refinancing and recapitalisation options to manage its debts of US$600 million. BLY currently trades on a Debt-to-EBITDA ratio of 5.3x with its S&P Corporate Credit Rating now downgraded to CCC from CCC+.
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