Conyers advised Bermuda exempted company Valaris Limited (NYSE: VAL) in connection with its financial restructuring and emergence from Chapter 11 bankruptcy. The Valaris Group’s Plan of Reorganization (“the Plan”) was completed on 30 April 2021, having been approved and confirmed by the United States Bankruptcy Court for the Southern District of Texas on 3 March 2021.
Valaris Limited is the industry leader in offshore drilling services across all water depths and geographies.
Under the Plan, Valaris eliminated $7.1 billion of debt and secured a $520 million capital injection by issuing $550 million of new secured notes maturing in 2028. As of April 30, 2021, Valaris had $615 million of available cash, $40 million of restricted cash and $550 million of debt.
The common stock and warrants of Valaris Limited, the new parent company of the Valaris Group, began trading on the New York Stock Exchange under the ticker symbols VAL and VAL WS, respectively on 3 May 2021. Shares of Valaris plc (the former UK parent company) ceased trading on the OTC Pink Marketplace as of 28 April 2021.
The Conyers team was led by Director Jennifer Panchaud, supported by Associates Karoline Tauschke, Andrew Barnes, Hailey Edwards and Elizabeth Blankendal. Conyers’ Bermuda office advised on the matter, working alongside Kirkland & Ellis LLP and Slaughter and May, who served as legal advisors to Valaris in connection with the restructuring. Kramer Levin Naftalis & Frankel LLP and Akin Gump Strauss Hauer & Feld LLP served as legal advisors to the Consenting Noteholders, and Shearman & Sterling LLP served as legal advisors to the RCF Administrative Agent.
Conyers Corporate Services (Bermuda) Limited provides corporate and administrative services to Valaris Limited in Bermuda.