Valaris emerges from bankruptcy By World Oil staff on 5/3/2021
Offshore drilling company Valaris Limited and the Valaris Group announced the company emerged from Chapter 11 bankruptcy at the end of April.
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The company completed its financial restructuring and eliminated $7.1 billion of debt, according to a news release. It will move forward with a $520 million capital injection by issuing $550 million of new secured notes maturing in 2028, the release states. As of April 30, 2021, Valaris had $615 million of available cash, $40 million of restricted cash and $550 million of debt.
The United States Bankruptcy Court for the Southern District of Texas approved the Houston-based companyâs plan of reorganization on March 3, according to Valaris.
Valaris completes financial restructuring royalgazette.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from royalgazette.com Daily Mail and Mail on Sunday newspapers.
Valaris emerges from Chapter 11 free of $7.1bn of debt May 3, 2021, by Nermina Kulovic
Offshore drilling contractor Valaris has completed its financial restructuring and emerged from the Chapter 11 bankruptcy by eliminating $7.1 billion of debt.
Valaris filed for bankruptcy protection in an attempt to restructure its debt, amid a challenging market environment, back in August 2020.
The drilling contractor’s plan of reorganization was approved and confirmed by the United States Bankruptcy Court for the Southern District of Texas on 3 March 2021. Related Article Posted: 2 months ago
Valaris Group informed on Monday that the company now moves forward with a strengthened capital structure, eliminating $7.1 billion of debt and securing a $520 million capital injection by issuing $550 million of new secured notes maturing in 2028.
Aeromexico obtains court approval on aircraft fleet transactions
May 1, 2021
Aeromexico to add four 787-9 Dreamliner aircraft to its fleet
United States Bankruptcy Court for the Southern District of New York has approved Aeromexico’s entry into the Transactions
Grupo Aeroméxico, S.A.B. de C.V. announces that following the information disclosed on April 23, 2021, regarding Aeromexico’s agreement to increase its fleet with twenty-four (24) new Boeing 737 MAX aircraft, including B737-8 and B737-9 MAX and four (4) 787-9 Dreamliner aircraft as part of its restructured agreements with the manufacturer and certain lessors and Aeromexico‘s related agreements with other suppliers and financial entities and collectively, the Company informs that the United States Bankruptcy Court for the Southern District of New York, presiding over Aeromexico’s Chapter 11 voluntary financial restructuring process, has approved Aeromexico’s entry into the Transactions.
Aeromexico Obtains Court Approval on Aircraft Fleet Transactions prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.