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US: Valaris successfully completes restructuring

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. ....

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Valaris Completes Debt Restructuring. Emerges from

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 t ....

United States , United Kingdom , Elizabeth Leykum , Dick Fagerstal , Joseph Goldschmid , Deepak Munganahalli , Tom Burke , Anton Dibowitz , Thomas Burke , York Stock Exchange , Valaris Group Plan Of Reorganization , Valaris Group , New York Stock Exchange , United States Bankruptcy Court , Southern District , Chief Executive Officer , Valaris Board , ஒன்றுபட்டது மாநிலங்களில் , ஒன்றுபட்டது கிஂக்டம் , தீபக் மூங்கணாள்ளி , டோம் பர்க் , தாமஸ் பர்க் , யார்க் ஸ்டாக் பரிமாற்றம் , புதியது யார்க் ஸ்டாக் பரிமாற்றம் , ஒன்றுபட்டது மாநிலங்களில் திவால்நிலை நீதிமன்றம் , தெற்கு மாவட்டம் ,