Vantage Drilling Co. VTGDF -57.58 % , an offshore oil rig operator linked to the massive corruption scandal at Brazil’s state-run oil firm, filed for bankruptcy protection late Wednesday night after reaching a deal with its lenders and bondholders to swap $1.15 billion in debt for control of the business. Under the terms of a proposed plan filed in U.S. Bankruptcy Court in Wilmington. Del., on Thursday, Vantage Drilling said the debt-for-equity swap will slash more than $1.6 billion in debt off its books. The restructuring proposal would leave Vantage’s Offshore Group Investment Ltd. subsidiary intact while the Vantage parent company is wound down in the Cayman Islands. “Vantage and OGIL have been working on a path forward to deleverage its capital structure and take advantage of market opportunities with a strong balance sheet in light of market conditions,” said Paul Bragg, Vantage and OGIL’s chief executive officer. Although […]