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US: Valaris receives court approval of Chapter 11 Plan of Reorganization


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, sai ....

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