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Valaris Successfully Completes Restructuring


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. ....

United States , United Kingdom , Elizabeth Leykum , Mark Granville Firmin , Joseph Goldschmid , Anton Dibowitz , Jonathan Charles Marston , Tom Burke , Dick Fagerstal , Deepak Munganahalli , Thomas Burke , Akin Gump Strauss Hauer Feld , Lazard Ltd , Kirkland Ellis , Valaris Limited , Stretto International , Shearman Sterling , Valaris Group Plan Of Reorganization The , Institute Of Chartered Accountants , York Stock Exchange , Securities Exchange Commission , Valaris Group , United States Bankruptcy Court , Alvarez Marsal North America , Houlihan Lokey Inc , New York Stock Exchange ,

Offshore Drilling Contractor Completes Reorganization


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.” ....

United States , Elizabeth Leykum , Dick Fagerstal , Joseph Goldschmid , Deepak Munganahalli , Tom Burke , Anton Dibowitz , York Stock Exchange , Valaris Limited , Us Bankruptcy Court , Valaris Group , New York Stock Exchange , Diamond Offshore Drilling Inc , President Tom Burke , Southern District , Diamond Offshore Drilling , ஒன்றுபட்டது மாநிலங்களில் , தீபக் மூங்கணாள்ளி , டோம் பர்க் , யார்க் ஸ்டாக் பரிமாற்றம் , எங்களுக்கு திவால்நிலை நீதிமன்றம் , புதியது யார்க் ஸ்டாக் பரிமாற்றம் , வைரம் கடல் துளையிடுதல் இன்க் , ப்ரெஸிடெஂட் டோம் பர்க் , தெற்கு மாவட்டம் , வைரம் கடல் துளையிடுதல் ,

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 ,