Diamond Offshore Drilling enters into a deal with holders of over 70 percent of each of its senior unsecured notes and revolving credit facility loans regarding a financial restructuring transaction.
Diamond Offshore Drilling, Inc. announced Monday that it has entered into a plan support agreement with holders of over 70 percent of each of its senior unsecured notes and revolving credit facility loans regarding a financial restructuring transaction.
The deal will significantly deleverage the company’s balance sheet and position the business for future growth, according to Diamond Offshore, which disclosed back in April 2020 that it and certain of its subsidiaries filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas.