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.
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 emerges from bankruptcy By World Oil staff on 5/3/2021
Offshore drilling company Valaris Limited and the Valaris Group announced the company emerged from Chapter 11 bankruptcy at the end of April.
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The company completed its financial restructuring and eliminated $7.1 billion of debt, according to a news release. It will move forward with a $520 million capital injection by issuing $550 million of new secured notes maturing in 2028, the release states. As of April 30, 2021, Valaris had $615 million of available cash, $40 million of restricted cash and $550 million of debt.
The United States Bankruptcy Court for the Southern District of Texas approved the Houston-based companyâs plan of reorganization on March 3, according to Valaris.
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.
Valaris emerges from Chapter 11 free of $7.1bn of debt May 3, 2021, by Nermina Kulovic
Offshore drilling contractor Valaris has completed its financial restructuring and emerged from the Chapter 11 bankruptcy by eliminating $7.1 billion of debt.
Valaris filed for bankruptcy protection in an attempt to restructure its debt, amid a challenging market environment, back in August 2020.
The drilling contractor’s plan of reorganization was approved and confirmed by the United States Bankruptcy Court for the Southern District of Texas on 3 March 2021. Related Article Posted: 2 months ago
Valaris Group informed on Monday that the company 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.