What happened Shares of Borr Drilling (NYSE: BORR) slumped by as much as 13.6% on Wednesday morning, and were still down by about 8.7% as of 11:51 a.m. EST. Weighing on the oil stock was a Norwegian newspaper report that two of its creditors were discussing potential alternative plans. So what In late December, Borr Drilling updated investors on its plans, stating that it was actively working with creditors to shore up its liquidity. At the time, it said it had "considerable support of all secured creditors" for a liquidity improvement plan of around $925 million over the next two years. The proposed agreement would defer several of Borr's upcoming debt maturities until 2023 if it can raise $40 million by selling new equity. Image source: Getty Images. The company had hoped to close the equity issuance and lender support agreements by the end of January. However, a Norwegian newspaper report suggests that at least two lenders might not be on board with this plan, as they're discussing potential alternative solutions. If the original deal falls through, a major Norwegian bank and British fund have reportedly mulled taking over, splitting up, or selling Borr Drilling. Now what Borr Drilling has been teetering on the brink of bankruptcy in the wake of last year's crash in crude oil prices. While the company believes it has a plan to make it through this downturn intact, some of its creditors appear to have other ideas. Given the offshore drilling company's precarious financial position, investors should steer clear of this oil stock. 10 stocks we like better than Borr Drilling LimitedWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Borr Drilling Limited wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Matthew DiLallo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source