Valaris Successfully Completes Restructuring
Improves Liquidity Position by Receiving $520M Capital Injection
Valaris Limited ( Valaris or the Company and together with its subsidiaries, the Valaris Group ) today announced that, on April 30, 2021, the Valaris Group has successfully completed its financial restructuring and emerged from chapter 11. The Valaris Group s Plan of Reorganization (the Plan ) was approved and confirmed by the United States Bankruptcy Court for the Southern District of Texas on March 3, 2021. Valaris now moves forward with a strengthened capital structure, eliminating $7.1B of debt and securing a $520M capital injection by issuing $550M of new secured notes maturing in 2028. As of April 30, 2021, Valaris had $615M of available cash, $40M of restricted cash and $550M of debt.
Valaris Limited has emerged from Chapter 11 bankruptcy.
Valaris Limited (NYSE: VAL) emerged from Chapter 11 bankruptcy on April 30, 2021, eliminating $7.1 billion of debt, the offshore drilling contractor reported Monday.
Last week Valaris CEO and President Tom Burke indicated the reorganization would end soon. The U.S. Bankruptcy Court for the Southern District of Texas approved and confirmed the Valaris Group subsidiary’s reorganization plan on March 3, 2021, Valaris noted Monday in a written statement emailed to Rigzone.
The company
“Today marks an important milestone as the company emerges from Chapter 11 with a significantly strengthened capital structure,” Burke commented Monday. “The overwhelming support of our noteholders, bank lenders, and voting shareholders has been invaluable. I want to thank everyone for their continued confidence in our business.”
Claims have been made that the proposed new library could bring in $6.6M to local businesses. I just discovered the economic impact study behind that number is posted on the Town’s web site. It makes for interesting reading. One issue is that $6.6M is the high estimate; the low estimate is only $346K. A bigger issue is that there is a major flaw in the logic, making the results meaningless.
The report summarizes how they arrived at the number. Here’s the gist of it: Basically, they did a survey of library patrons in June-July 2019. Survey questions asked if they patronized other local businesses or activities while in town for their current/last trip to the library (58% said ‘yes’) and, if so, which businesses (generically; the survey provided a long list of types of businesses) and approximately how much did they spend at each of those businesses. The New Canaan Library automatically tallies the number of people entering the doors (800-1000 daily, no elimination of d
Offshore drilling contractor Valaris,
which had filed for bankruptcy in August 2020, said Monday it had on April 30, 2021, successfully completed its financial restructuring and emerged from chapter 11.
The Valaris Group s Plan of Reorganization was approved and confirmed by the United States Bankruptcy Court for the Southern District of Texas on March 3, 2021. Valaris now moves forward with a strengthened capital structure, eliminating $7.1 billion of debt and securing a $520 million capital injection by issuing $550 million of new secured notes maturing in 2028. As of April 30, 2021, Valaris had $615 million of available cash, $40 million of restricted cash and $550 million of debt, the company said. Today marks an important milestone as the company emerges from chapter 11 with a significantly strengthened capital structure. The overwhelming support of our noteholders, bank lenders, and voting shareholders has been invaluable. I want to thank everyone for their continued
Valaris completes financial restructuring royalgazette.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from royalgazette.com Daily Mail and Mail on Sunday newspapers.