US: Valaris receives court approval of Chapter 11 Plan of Reorganization
03 Mar 2021
Plan to Deleverage Balance Sheet by Over $6.5 Billion and Provide $520 Million Capital Injection
Valaris has received approval from the United States Bankruptcy Court for the Southern District of Texas of its prearranged
Plan of Reorganization. In addition to Bankruptcy Court confirmation, the Plan received support from approx. 80% of the Company’s unsecured notes and bank lenders representing 100% of the Company’s credit facility claims. In addition, approx. 81% of the Company’s voting shareholders voted to accept the Plan. I am pleased that we have received strong support for the Company’s amended plan. This is an important milestone, as it clears the path for Valaris to emerge from chapter 11 early in the second quarter. The overwhelming support from our noteholders and bank lenders shows their confidence in our go-forward strategy and strength as a company, said Tom Burke, Presi
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Somewhere in our rough memories of high school science, we should recall the general principle that a gas will always expand to fill a given void. Although the Bankruptcy Code diverges markedly from scientific principles, newly enacted provisions in Subchapter V of Chapter 11 of the Bankruptcy Code suggest some similarity. In
In re Dani Transport Service, Inc., the United States Bankruptcy Court for the Central District of California found that Sections 1183 and 1185 of the Bankruptcy Code can be read together to remove a Subchapter V debtor’s misbehaving management and expand the Subchapter V trustee’s management duties to fill the void. Aside from an example of these provisions in action, the case offers insight into the circumstances under which parties and the bankruptcy court may find management substitution preferable to chapter 7.
Thursday, March 4, 2021
On 1 March 2021, Brazos Electric Power Cooperative, Inc. (“Brazos”) commenced a chapter 11 bankruptcy case in the United States Bankruptcy Court for the Southern District of Texas. Brazos is a Texas-based non-profit electric cooperative corporation that provides wholesale electricity to its members, which, in turn, provide retail electricity to Texas consumers. Due to the freezing of essential electric generation and natural gas pipeline equipment during the historic winter storm that blanketed Texas in mid-February 2021 and the resulting spike in wholesale electricity prices, Brazos received approximately $2.1 billion in settlement charge invoices from the Electric Reliability Council of Texas (“ERCOT”). These invoices, promptly issued during and immediately following the storm, required payment within a matter of days. In a declaration accompanying the voluntary bankruptcy petition, Mr. Clifton Karnei, Brazos’ Executive Vice Presid
All in a Day s Work Belk Achieves Confirmation of Pre-Packaged Plan in Record Time | Patterson Belknap Webb & Tyler LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
Wave Computing, MIPS emerge from bankruptcy March 02, 2021 // By Peter Clarke
Processor IP company Wave Computing Inc. and its subsidiaries, including MIPS Technology, have emerged from Chapter 11 bankruptcy protection.
The restructured business will be known as MIPS and focus on the RISC-based processor architectures originally developed by MIPS and extensively licensed out. MIPS is developing an eighth-generation architecture based on the open-source RISC-V processor standard.
Under a plan approved by the United States Bankruptcy Court for the Northern District of California the majority of creditors will receive a meaningful recovery of debts owed.
Tallwood Ventures won a bankruptcy auction of Wave Computing assets held in December 2020 with a restructuring bid valued at $61 million. Tallwood will take majority ownership of the reorganized company. Sanjai Kohli will continue to lead MIPS as CEO.