In what has been called an extraordinary case, Valaris$7bn financial restructuring made sizeable waves this week, as firms including Kirkland & Ellis, Slaughter and May and Akin Gump steered it to a successful conclusion.
The transaction sees offshore drilling service providerValaris emerge from Chapter 11 after the company filed in August 2020, eliminating $7.1bn of debt and securing a $520m capital injection through the issue of $550m of new secured notes.
The restructuring which was subject to a range of complex conditions, including Saudi and Mexican antitrust approvals was implemented through a UK administration proceeding and culminated in the pre-pack sale of the business and assets of Valaris to a newly-incorporated Bermuda co…
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