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.
Valaris Receives Court Approval of Chapter 11 Plan of Reorganization
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Valaris Receives Court Approval of Chapter 11 Plan of Reorganization
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