Diamond Offshore Drilling, Inc. announced Monday that it has entered into a plan support agreement with holders of over 70 percent of each of its senior unsecured notes and revolving credit facility loans regarding a financial restructuring transaction.
The deal will significantly deleverage the companys balance sheet and position the business for future growth, according to Diamond Offshore, which disclosed back in April 2020 that it and certain of its subsidiaries filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District ofTexas.
The agreement outlines a comprehensive plan for deleveraging the companys balance sheet through the equitization of its …
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