Valaris plc – Offshore Drilling Contractor Emerges from Bankruptcy as of April 30th Minus $7.1bn of Funded Debt, New Common Shares and Warrants of Successor Entity to Trade on NYSE

April 30, 2021 – The Debtors notified the Court that their Fourth Amended Plan of Reorganization had become effective as of April 30, 2021 and that they had emerged from bankruptcy [Docket No. 1250]. The emerged Debtors' Common Shares and Warrants have been approved for listing on The New York Stock Exchange under the symbols “VAL” and “VAL WS”, respectively. Pursuant to the terms of the Plan, the equity has been issued by Valaris Limited, a Bermuda incorporated company formed in January 2021 which replaces Valaris plc at the top of the Valaris corporate structure.

The Court had previously confirmed the Debtors’ Plan on March 3, 2021 [Docket No. 1139].

On August 19, 2020, Valaris plc and 89 affiliated Debtors (then NYSE: VAL;”Valaris” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 20-34114 (Judge Isgur). At filing, the Debtors, a London-based provider of “offshore drilling services across all water depths and geographies,” noted estimated assets of $13,038,900,000 and estimated liabilities $7,853,500,000.

The Debtors were represented by (i) Jackson Walker LLP as local bankruptcy counsel, (ii) Kirkland & Ellis as general bankruptcy counsel, (iii) Lazard Frères & Co. LLC as financial advisors, (iv) Alvarez and Marsal North America, LLC as restructuring advisors and (v) Stretto as claims agent.

The deadline to file administrative claims is May 31, 2021 (30 days after the effective date, with the 30th day falling on a Sunday).

In a press release announcing the Plan's confirmation, the Debtors stated, “In addition to Bankruptcy Court confirmation, the Plan received support from approximately 80% of the Company's unsecured notes ('Noteholders') and bank lenders representing 100% of the Company's credit facility claims. In addition, approximately 81% of the Company's voting shareholders voted to accept the Plan. 

Upon emergence and implementation of the Plan, Valaris will eliminate $7.1 billion of existing debt. Valaris will receive a $520 million capital injection through the issuance of a $550 million secured note maturing in 2028. The note includes the option of an 8.25% cash coupon, 10.25% half cash, half paid-in-kind coupon or 12% paid-in-kind coupon, all at the Company’s election.”

Plan Overview 

According to the Debtors' memorandum of law in support of Plan confirmation [Docket No. 1127], "The Debtors stand poised to confirm a plan of reorganization that will deleverage their balance sheet by approximately $7.1 billion, raise $500 million of new money, preserve thousands of jobs, position the Debtors for long-term success and to meet their long-term strategic goals and maximize value for their stakeholders. Both prior to and throughout these chapter 11 cases, the Debtors engaged in good-faith, hard-fought negotiations with their key constituents on the terms of this restructuring. The result of these efforts is a Plan that has near-unanimous support, including the acceptance of every Voting Class of creditors and interest holders — all of which are receiving a recovery under the Plan, including the Debtors’ existing equity holders. The Plan is a monumental achievement for the Debtors and should be confirmed.

The Plan embodies a series of restructuring transactions contemplated by the RSA that will (if consummated): (a) equitize all $7.1 billion of the Debtors’ prepetition funded debt obligations; (b) pay holders of trade and general unsecured claims in cash in full; (c) provide for the repayment in full of administrative and priority claims; (d) provide bondholders recoveries that resolve a host of intra-bondholder issues that otherwise would have consumed these chapter 11 cases in contentious and complex litigation; and (e) provide consideration to existing shareholders in the form of warrants with an approximate value of $11 million, which they otherwise would not be entitled to under applicable law. Moreover, the Plan embodies a settlement with [Daewood Shipbuilding & Marine Engineering Co., Ltd.] DSME — the shipyard party to two prepetition newbuild contracts and the last remaining significant stakeholder that was opposed to confirmation of the Plan — that results in the Debtors’ assumption of the newbuild contracts on amended terms, including an extended delivery date, in exchange for the release by DSME of certain corporate guarantees with regards thereto. The Plan also provides a fully-backstopped capital injection through $550 million in new secured notes — a rare financing opportunity for any offshore drilling company during this time — that will ensure the Debtors have ample liquidity with one of the best balance sheets in the industry….”

The Debtors' Disclosure Statement Supplement [Docket No. 1029] adds: “Following entry of the Disclosure Statement Order on December 30, 2020, the Debtors commenced solicitation of votes for the Third Amended Plan on January 6, 2021. During the solicitation period, the Debtors and several of their key stakeholders, including the Ad Hoc Group and RCF Agent (on behalf of the Holders of Credit Facility Claims), continued to negotiate a consensual resolution regarding the treatment of Credit Facility Claims set forth in the Third Amended Plan. On February 5, 2021, following extensive, arm’s-length negotiations, the Debtors successfully executed an amended Restructuring Support Agreement (the ‘Amended RSA’) with the Consenting Noteholders and the Consenting Lenders. The Amended RSA is attached as Exhibit 1.

As a result of the Amended RSA, the Debtors anticipate having support for Confirmation of the Fourth Amended Plan from a substantial majority of voting classes. The Amended RSA leaves the treatment of General Unsecured Creditors unmodified from the Third Amended Plan, proposing full payment of General Unsecured Claims.

A summary of the terms of the Amended RSA, which terms have been incorporated into the Fourth Amended Plan, is set forth below:

• The Consenting Lenders had a seven-day period within which to elect to participate in the Rights Offering and the Backstop Commitments and to receive one of two corresponding Plan treatments. That period expired on February 4, 2021, at 5:00 p.m., prevailing Central Time. Based on the results of that election:
• Each New Money Participating Credit Facility Creditor will receive its Pro Rata share of (i) 5.340% of the New Valaris Equity, subject to dilution on account of the Management Incentive Plan and the New Warrants, as applicable, (ii) 2.427% of the New Secured Notes (and associated Participation Equity offered in the Rights Offering), and (iii) $7,802,007.88 in Cash (the ‘RCF New Money Participation Treatment’).
  1. Each Holder of an Allowed Credit Facility Claim that has become a Consenting Lender by the first day of the Confirmation Hearing and is not a New Money Participating Credit Facility Creditor will receive its Pro Rata share of (i) 22.980% of the New Valaris Equity, subject to dilution on account of the Management Incentive Plan and the New Warrants, as applicable (the ‘RCF Base Treatment Distributable Shares’) and (ii) $96,053,481.87 in Cash (the ‘Consenting Lender Base Treatment Pool’).
  2. In the event that not all Holders of Credit Facility Claims are Consenting Lenders, the Consenting Lenders’ Pro Rata share of the RCF Base Treatment Distributable Shares (the ‘Consenting Base Treatment Distributable Shares’)will be reduced to reflect the amount of Cash such Consenting Lenders received.4 In such event, each Non-Consenting Lender will receive its Pro Rata share of an allocation of RCF Base Treatment Distributable Shares equal to the aggregate of the RCF Base Treatment Distributable Shares minus the Consenting Base Treatment Distributable Shares (the ‘RCF Base Treatment Pool’).
• Holders of the Senior Notes Claims will receive the same proportional treatments proposed under the Third Amended Plan, with adjustments to the constitution of the Senior Notes Distributable Pool to account for the adjusted allocations of New Valaris Equity and Subscription Rights to Holders of Credit Facility Claims. More specifically, under the Fourth Amended Plan, the Senior Notes Distributable Pool is comprised of (i) 38.980% of the New Valaris Equity (as compared to 34.8% under the Third Amended Plan) and (ii) 97.573% of the Subscription Rights (as opposed to 100% under the Third Amended Plan).
• The Debtors will pay all unpaid reasonable and documented fees and expenses of the Credit Facility Agent Advisors (as defined in the Amended RSA), the Consenting Noteholder Advisors (as defined in the Amended RSA), and the professionals retained by the Initial Backstop Parties (as defined in the Backstop Agreement), and the Rowan Ad Hoc Group Fees (as defined in the Amended RSA), whether incurred prior to, on, or after the Petition Date.
• All Credit Facility Letters of Credit will be replaced or cash collateralized pursuant to the terms of the Credit Facility.”

The Plan Modifications leave the rights of all other stakeholders substantially unaltered. The slight adjustments to the allocation of the Subscription Rights and Backstop Premium are projected to have the following impacts on recoveries:

An April 30, 2021 8-K drills down: 

• each holder of claims arising under the revolving credit facility provided for under that certain Amended and Restated Credit Agreement, dated as of May 7, 2013, by and among the Company, as the borrower, and the other parties thereto (the “Credit Facility Claims”) (Class 3) received: (a) its Pro Rata share of the RCF Base Treatment Pool, if such holder was a Non-Consenting Lender; (b) its Pro Rata share of $96,053,481.87 and its Pro Rata share of the Consenting Base Treatment Distributable Shares, if such holder was a Consenting Base Treatment Lender; and (c) its Pro Rata share of the RCF New Money Participation Treatment (which includes $7,802,007.88 in cash), if such holder was a New Money Participating Credit Facility Creditor; 
• holders of claims with respect to the 2020 Notes and the 2040 Notes (the “Pride Bond Claims”) (Class 4) received their Pro Rata share of: (a) 8.808% of the Senior Notes Distributable Pool (as defined by the Plan) and (b) an aggregate $1.25 million payment in cash; 
• holders of claims with respect to the 2027 Debentures (the “Ensco International Bond Claims”) (Class 5) received their Pro Rata share of: (a) 1.549% of the Senior Notes Distributable Pool and (b) an aggregate $1 million payment in cash; 
• holders of claims with respect to the 3.0% 2024 Notes (the “Jersey Bond Claims”) (Class 6) received their Pro Rata share of 20.204% of the Senior Notes Distributable Pool; 
• holders of claims with respect to the 2021 Notes, the 8.0% 2024 Notes, the 4.5% 2024 Notes, the 5.2% 2025 Notes, the 2026 Notes, and the 5.75% 2044 Notes (the “Valaris Bond Claims”) (Class 7) received their Pro Rata share of 36.834% of the Senior Notes Distributable Pool; 
• holders of claims with respect to the 2022 Notes, the 2042 Notes, the 4.75% 2024 Notes, the 5.85% 2044 Notes, and the 7.375% 2025 Notes (the “Legacy Rowan Bond Claims”) (Class 8) received their Pro Rata share of: (a) 32.605% of the Senior Notes Distributable Pool and (b) an aggregate $23.75 million payment in cash; 
• holders of claims arising from allowed general unsecured claims (each a “GUC Claim”) (Class 9) will receive payment in full in cash within ninety days after the later of (a) the Effective Date and (b) the date such GUC Claim comes due; 
• holders of the Existing Interests in Legacy Valaris (Class 13), including Legacy Valaris’s common shares, received their Pro Rata share of Warrants to purchase new common shares or new common shares, as applicable, issued by the Valaris (the “New Valaris Equity”).

As to the distribution of the emerged company's 75 million shares, the 8-K adds:

"On the Effective Date, and subject to applicable rounding by DTC, pursuant to the Plan (capitalized terms used, but not defined, in this section have the meanings ascribed to them in the Plan):

•  2,541,980 New Shares were transferred to holders of the Pride Bond Claims in cancellation of the Pride Bond Claims;
•  447,040 New Shares were transferred to holders of the Ensco International Bond Claims in cancellation of the Ensco International Bond Claims;
•  5,830,854 New Shares were transferred to holders of the Jersey Bond Claims in cancellation of the Jersey Bond Claims;
•  10,630,256 New Shares were transferred to holders of the Valaris Bond Claims in cancellation of the Valaris Bond Claims;
•  9,409,770 New Shares were transferred to holders of the Legacy Rowan Bond Claims in cancellation of the Legacy Rowan Bond Claims;
•  21,240,100 New Shares were transferred to holders of the Credit Facility Claims in cancellation of the Credit Facility;
•  5,645,161 Warrants to purchase New Shares were issued to holders of the Existing Equity Interests;
•  14,062,500 New Shares were issued to holders of Senior Notes Claims and New Money Participating Credit Facility Creditors who participated in the Rights Offering;
•  8,437,500 New Shares were issued to the Backstop Parties as a part of the Holdback in accordance with the Backstop Agreement;
•  2,025,000 New Shares were issued to the Backstop Parties as a part of the Additional Backstop Equity in connection with the Plan; and
•  375,000 New Shares were issued to Daewoo Shipbuilding Marine Engineering Co. Ltd. in connection with the Plan.

As of the Effective Date, there were 75,000,000 New Shares issued and outstanding."

The following is a summary of classes, claims, voting rights and expected recoveries (defined terms are as defined in the Plan and/or Disclosure Statement, see changes in bold and also see the Liquidation Analysis below):

• Class 1 (“Other Secured Claims”) is unimpaired, deemed to accept and not entitled to vote on the Plan. The estimated recovery is N/A.
• Class 2 (“Other Priority Claims”) is unimpaired, deemed to accept and not entitled to vote on the Plan. The estimated recovery is N/A.
• Class 3 (“Credit Facility Claims”) is impaired and entitled to vote on the Plan. The aggregate amount of claims is $581.02mn and expected recovery is at least 100%. (i) Base Treatment: (1) Each Non-Consenting Lender shall receive its Pro Rata share of the RCF Base Treatment Pool; (2) each Consenting Base Treatment Lender shall receive its Pro Rata share of the Consenting Lender Base Treatment Pool; and (ii) New Money Participating Credit Facility Creditor Treatment: Each New Money Participating Credit Facility Creditor shall receive its Pro Rata share of the RCF New Money Participation Treatment; and (iii) on or prior to the Effective Date, all Credit Facility Letters of Credit shall be replaced or cash collateralized as provided in Article IV.S of the Plan.
• Class 4 (“Pride Bond Claims”) is impaired and entitled to vote on the Plan. The aggregate amount of claims is $439.9mn and expected recovery is 27.7%. Each Holder will receive its Pro Rata share of (i) 8.808% of the Senior Notes Distributable Pool and (ii) an aggregate $1.25 million payment in Cash. 
• Class 5 (“Ensco International Bond Claims”) is impaired and entitled to vote on the Plan. The aggregate amount of claims is $114.2mn and expected recovery is 19.1%. Each Holder will receive its Pro Rata share of 1.549% of (x) the Senior Notes Distributable Pool and (ii) an aggregate $1 million payment in cash.
• Class 6 (“Jersey Bond Claims”) is impaired and entitled to vote on the Plan. The aggregate amount of claims is $863.6mn and expected recovery is 31.4%. Each Holder will receive its Pro Rata share of (i) 20.209% of (x) the Senior Notes Distributable Pool and (y) the Subscription Rights; and (ii) an aggregate $1 million payment in cash.
• Class 7 (“Valaris Bond Claims”) is impaired and entitled to vote on the Plan. The aggregate amount of claims is $3.1bn and expected recovery is 15.8%. Each Holder will receive its Pro Rata share of 36.835% of (x) the Senior Notes Distributable Pool.
• Class 8 (“Legacy Rowan Bond Claims”) is impaired and entitled to vote on the Plan. The aggregate amount of claims is $2.2bn and expected recovery is 21.2%. Each Holder will receive its Pro Rata share of (i) 32.605% of the Senior Notes Distributable Pool and (ii) an aggregate $23.75mn payment in Cash.
• Class 9 (“General Unsecured Claims”) is impaired and entitled to vote on the Plan. The aggregate amount of claims is $255.5mn and expected recovery is 100%. Each Holder will receive payment in full in cash within ninety days after the later of (i) the Effective Date and (ii) the date such General Unsecured Claim comes due under applicable law or in the ordinary course of business in accordance with the terms and conditions of the particular transaction or agreement giving rise to such General Unsecured Claim.
• Class 10 (“Newbuild Claims”) is impaired and entitled to vote on the Plan. The aggregate amount of claims is $358.8mn and expected recovery is 0.2%. In full and final satisfaction of the Allowed Newbuild Claims, if the Shipyard: (i) votes in favor of the Plan, the Shipyard shall receive their(x) the Newbuild Equity Pool, (y) $5.0mn in Cash payable on or prior to the Effective Date, and (z) such other consideration as set forth in the Newbuild Contracts, as amended and assumed pursuant to Article V hereof; and (ii) does not vote in favor of the Plan, the Shipyard shall receive its Liquidation Recovery promptly after the date the Newbuild Claims are Allowed, but in any event no later than ten (10) days after such date. “Newbuild Equity Pool” means 0.50% of the New Valaris Equity, subject to dilution on account of the Management Incentive Plan and the New Warrants, as applicable, which shall be issued to the Shipyard if the Shipyard votes in favor of the Plan.
• Class 11 (“Intercompany Claims”) is impaired/unimpaired, deemed to accept/reject and not entitled to vote on the Plan.
• Class 12 (“Intercompany Interests”) is impaired/unimpaired, deemed to accept/reject and not entitled to vote on the Plan.
• Class 13 (“Existing Interests in Valaris”) is impaired and entitled to vote on the Plan. The aggregate amount of interests is N/A and expected recovery is $11.0mn. Treatment: (i) If Holders as a class vote in favor of the Plan, each Holder of an Existing Interest in Valaris will receive its Pro Rata share of the New Warrants; or (ii) If Holders as a class do not vote in favor of the Plan, no New Warrants will be issued to any Holder of Existing Interests in Valaris.
• Class 14 (“Section 510(b) Claims”) is impaired, deemed to reject and not entitled to vote on the Plan.

Definitions:

• “Consenting Base Treatment Distributable Shares” means an amount of RCF Base Treatment Distributable Shares equal to the aggregate of RCF Base Treatment Distributable Shares multiplied by a fraction (i) the numerator of which is the aggregate principal amount of Consenting Base Treatment Credit Facility Claims minus $96,053,481.87 and (ii) the denominator of which is the aggregate principal amount of Base Treatment Credit Facility Claims minus $96,053,481.87.
• “Consenting Lender Base Treatment Pool” means: (i) $96,053,481.87 in Cash and (ii) the Consenting Base Treatment Distributable Shares.
• “Newbuild Equity Pool” means 0.50% of the New Valaris Equity, subject to dilution on account of the Management Incentive Plan and the New Warrants, as applicable, which shall be issued to the Shipyard if the Shipyard votes in favor of the Plan.
• “RCF Base Treatment Distributable Shares” means 22.980% of the New Valaris Equity, subject to dilution on account of the Management Incentive Plan and the New Warrants, as applicable.
• “RCF Base Treatment Pool” means an allocation of RCF Base Treatment Distributable Shares equal to the aggregate of the RCF Base Treatment Distributable Shares minus the Consenting Base Treatment Distributable Shares.
• “RCF New Money Participation Treatment” means a Pro Rata share of: (i) RCF Participation Distributable Shares, (ii) 2.427%of the New Secured Notes (and associated Participation Equity offered in the Rights Offering), and (iii) $7,802,007.88in Cash.
• “RCF Participation Distributable Shares” means 5.340% of the New Valaris Equity, subject to dilution on account of the Management Incentive Plan and the New Warrants, as applicable.
• "Senior Notes Distributable Pool” means (a) 38.980% of the New Valaris Equity, subject to dilution on account of the Management Incentive Plan, the Newbuild Equity Pool, and the New Warrants, as applicable, and (b) 97.573% of the Subscription Rights. 

Based on the projections attached to the Disclosure Statement as Exhibit E, the Debtors originally projected to emerge with total liquidity of approximately $652.4 million. Due to the additional payment in cash to Holders of the Credit Facility Claims on the Effective Date as set forth in the Fourth Amended Plan, the Debtors anticipate that total liquidity upon emergence will be approximately $548.5mn.

Bondholder Recovery Split 

Illustrative Summary of RCF Lender Options 

Voting Results

Results of voting on the Plan were attached to the memorandum as Exhibit A and are as follows:

• Class 3 (“Credit Facility Claims”) 13 claim holders, representing $622,096,074.73 in amount and 100% in number, accepted the Plan.
• Class 4 (“Pride Bond Claims”) 324 claim holders, representing $296,353,000.00 (or 99.8%) in amount and 90.8% in number, accepted the Plan. 33 claim holders, representing $464,000.00 (or 0.2%) in amount and 9.2% in number, rejected the Plan.
• Class 5 (“Ensco International Bond Claims”) 127 claim holders, representing $63,036,000.00 (or 99.7%) in amount and 88.2% in number, accepted the Plan. 17 claim holders, representing $207,000.00 (or 0.3%) in amount and 11.8% in number, rejected the Plan.
• Class 6 (“Jersey Bond Claims”) 89 claim holders, representing $719,409,200.00 in amount and 100% in number, accepted the Plan.
• Class 7 (“Valaris Bond Claims”) 2,117 claim holders, representing $2,572,934,609.00 (or 99.7%) in amount and 95.8% in number, accepted the Plan. 92 claim holders, representing $7,928,184.00 (or 0.3%) in amount and 4.2% in number, rejected the Plan.
• Class 8 (“Legacy Rowan Bond Claims”) 778 claim holders, representing $1,724,671,998.00 (or 99.9%) in amount and 93.2% in number, accepted the Plan. 57 claim holders, representing $1,297,000.00 (or 0.1%) in amount and 6.8% in number, rejected the Plan.
• Class 9 (“General Unsecured Claims”) 275 claim holders, representing $52,711,754.53 (or 98.8%) in amount and 95.2% in number, accepted the Plan. 14 claim holders, representing $638,558.08 (or 1.2%) in amount and 4.8% in number, rejected the Plan.
• Class 10 (“Newbuild Claims”) 3 claim holders, representing $736,570,000.00 in amount and 100% in number, accepted the Plan.
• Class 13 (“Existing Equity Interests”) 5,056 claim holders, representing 31,318,114 (or 81.1%) in shares and 80.1% in number, accepted the Plan. 1255 claim holders, representing $7,293,882 (or 18.9%) in shares and 19.9% in number, rejected the Plan.

Key Documents

The Disclosure Statement [Docket No. 879] attached the following:

• Exhibit A: Plan of Reorganization
  Exhibit B: RSA
  Exhibit C: Corporate Organization Chart
  Exhibit D: Liquidation Analysis
  Exhibit E: Financial Projections
  Exhibit F: Valuation Analysis
  Exhibit G: Summary of Material Terms of Latest Settlement Proposal
  Exhibit H: Summary of Material Terms of Proposed Newbuild Settlement

The Disclosure Statement Supplement [Docket No. 1029] attached the following documents: 

• Amended RSA (p. 18)
• Restructuring Term Sheet (p. 62)
• New Secured Notes Term Sheet (p. 73)
• Amendment to Backstop Agreement (p. 80)
• Bondholder Recovery Split (p. 98)
• Management Incentive Plan Term Sheet (p. 100)
• Illustrative Summary of RCF Lender Options (p. 242)

The Debtors filed a Plan Supplement [Docket No. 986], which attached the following:

• Exhibit A: Form of New Organizational Documents
• Exhibit B: Restructuring Transactions Memorandum
• Exhibit C: Identity of the Members of the New Valaris Holdco Board and the Officers of New Valaris Holdco
• Exhibit D: Schedule of Assumed Executory Contracts and Unexpired Leases
• Exhibit E: Schedule of Rejected Executory Contracts and Unexpired Leases
• Exhibit F: Schedule of Retained Causes of Action
• Exhibit G: Rights Offering Documents
• Exhibit H: Form of New Warrant Agreement
• Exhibit I: Form of UK Implementation Agreement
• Exhibit J: Form of Registration Rights Agreements
• Exhibit K: Form of New Secured Notes Indenture
• Exhibit L: Proposed Newbuild Contract Amendment
• Exhibit M: Form of Amended Compensation Documents

Prepetition Indebtedness

As of the Petition Date, the Debtors had approximately $7.1bn in aggregate funded debt obligations. These obligations arise under the Revolving Credit Facility and the Senior Notes. The chart below summarizes the Debtors’ prepetition capital structure. as to the RCF, the Disclosure Statement now adds (without amending the table below): "As of the Petition date, approximately $623.3 million, consisting of approximately $582.1 million in outstanding advances and approximately $41.2 million in outstanding letters of credit, was outstanding under the Revolving Credit Facility."

Liquidation Analysis (see Exhibit D of Disclosure Statement [Docket No. 816] for notes)

Liquidation Analysis

About the Prepetition Debtors

According to the Debtors: “Valaris plc (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. With an unwavering commitment to safety and operational excellence, and a focus on technology and innovation, Valaris was rated first in total customer satisfaction in the latest independent survey by EnergyPoint Research – the ninth consecutive year that the Company has earned this distinction. Valaris plc is an English limited company (England No. 7023598) with its corporate headquarters located at 110 Cannon Street, London EC4N 6EU.”

Prepetition Corporate Structure Chart (see also p.400 of Docket no. 879 for extended chart)

Read more Bankruptcy News

The post Valaris plc – Offshore Drilling Contractor Emerges from Bankruptcy as of April 30th Minus $7.1bn of Funded Debt, New Common Shares and Warrants of Successor Entity to Trade on NYSE appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.