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.
US: Valaris successfully completes restructuring
03 May 2021
Improves Liquidity Position by Receiving $520 Million Capital Injection
Valaris, the industry leader in offshore drilling services across all water depths and geographies, has 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 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.