Valaris Restructuring Agreement

Valaris PLC filed a proposed reorganization plan and disclosure statement in its Chapter 11 case on Oct. 15, according to court records. The plan implements the conditions set out in the Company Restructuring Support Agreement (RSA) concluded as part of the company`s Chapter 11 filing on August 19. Burke continued, “We have taken several steps to properly size and streamline our organization, in line with our goal of being the cost guide for offshore drilling. We now intend to take advantage of this restructuring to complete these measures in order to create a stronger financial structure for the company. Valaris will continue to serve our customers without interruption through this process and will ensure safe and reliable operation through its fleet of high-performance Rigs. Kirkland & Ellis LLP and Slaughter and May are acting as legal advisors to Valaris in connection with the restructuring. Lazard Ltd is an investment banker for Valaris and Alvarez & Marsal North America LLC as a restructuring advisor. Kramer Levin Naftalis & Frankel LLP and Akin Gump Strauss Hauer & Feld LLP act as legal advisors to bondholders, and Houlihan Lokey Inc. acts as financial advisor. The Valaris offshore drill has the support of more than 70% of senior bondholders for its Restructuring Support Agreement (RSA) and the Backstop Commitment Agreement (BCA). For more information, visit our restructuring site, cases.stretto.com/Valaris or call our special information line at 855-348-2032 (toll-free) or +1 949-266-6309 (international). In order to implement the terms of the RSA and the BCA, Valaris voluntarily applied for a financial restructuring pursuant to Chapter 11 (the “Chapter 11 Cases”) from the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”).

On August 18, 2020, Valaris entered into a Restructuring Support Agreement (“RSA”) and a Backstop Commitment Agreement (“BCA”) with approximately 50 percent. unsecured bondholders in order to carry out an overall financial restructuring and significantly reduce the debt profile. The agreed plan – developed over several months of discussions – will allow Valaris to support continued operations in the current environment with weaker demand and offer a robust financial platform to benefit in the long term from the market recovery. Valaris plc (OTC: VALPQ) is the industry leader in offshore drilling services in all depths and regions. Valaris operates a fleet of high-quality platforms of ultra-deep water drilling platforms, versatile semi-submarines and modern jackets in shallow water and has experience in use in almost all major offshore basins….

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