Valaris secures agreement to erase $7 billion debt with share swap

By Rick Archer (March 3, 2021, 8:37 PM EST) – Offshore drilling entrepreneur Valaris PLC got the green light from a Texas bankruptcy judge on Wednesday to take $7 billion in debt into equity with a plan of Chapter 11 which the company’s attorney described as a “total victory”.

US Bankruptcy Judge Marvin Isgur approved the plan following a short virtual hearing in which he was told the plan would leave Valaris with less than net zero debt, an unusual position for its industry.

“The terms of this restructuring are a complete win for Valaris,” Valaris attorney Spencer Winters said.

Valaris filed for Chapter 11 protection in August with $7.1 billion in funded debt, citing energy…

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