Valaris plc Announces Expiration of Joinder Period

Source: www.gulfoilandgas.com 9/15/2020, Location: Europe

Valaris plc announced that the joinder period under its Restructuring Support Agreement (the “RSA”) and Backstop Commitment Agreement (the “BCA”) has expired and that holders of 72% in aggregate principal amount of its senior notes (the “Consenting Noteholders”) executed the RSA and BCA prior to expiration.

The RSA and BCA contemplate, among other items, the full equitization of the Company’s pre-petition revolving credit facility and unsecured notes, a fully backstopped rights offering to noteholders for $500 million of new secured notes, the effective cancellation of existing equity interests in the Company in exchange for, in certain circumstances, warrants for post-emergence equity and payment of trade claims in full in cash.

Kirkland & Ellis LLP and Slaughter and May are serving as legal advisors to Valaris in connection with the restructuring. Lazard Ltd. is serving as Valaris’ investment banker and Alvarez & Marsal North America LLC as its restructuring advisor. Kramer Levin Naftalis & Frankel LLP and Akin Gump Strauss Hauer & Feld LLP are serving as legal advisors to the Consenting Noteholders, and Houlihan Lokey Inc. is serving as financial advisor.


Chile >>  8/5/2022 - Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) announces the successful completion of a US$803.1 million (CAN$1.032 billi...
Sweden >>  8/5/2022 - Highlights
- USD 12.9 billion gain recorded to income statement resulting from the lex asea distribution related to the Aker BP transaction
...


Turkey >>  8/5/2022 -  Valeura Energy Inc. (VLE) (“Valeura”), the upstream oil and gas company with assets in the Thrace Basin of Turkey and in the offshore Gulf of Thailan...
United States >>  8/5/2022 - Global Partners LP (GLP) (“Global” or the “Partnership”) reported financial results for the second quarter ended June 30, 2022. ...

Canada >>  8/4/2022 - Murphy Oil Corporation (MUR) announced its financial and operating results for the second quarter ended June 30, 2022, including net income attributab...
China >>  8/4/2022 - -Expro Group Holdings N.V. (XPRO) (“Expro”) reported financial and operational results for the three and six months ended June 30, 2022.




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.