Diamond Offshore Drilling’s Restructuring

Paul, Weiss represented Diamond Offshore Drilling, Inc. on the transaction while Bracewell LLP advised Wells Fargo.

Diamond Offshore Drilling, Inc., a Houston-based offshore rig contractor, and its subsidiaries completed their successful restructuring and chapter 11 cases. The restructuring significantly reduces the debt on Diamond Offshore’s balance sheet and provides substantial liquidity for the company as a result of the equitization of approximately $2.1 billion in senior unsecured note obligations and the provision of over $625 million of new capital. The company filed for voluntary chapter 11 proceedings on April 26, 2020 in the U.S. Bankruptcy Court for the Southern District of Texas.

The Paul, Weiss team included restructuring partners Paul Basta (Picture) and Robert Britton, and counsel Claudia Tobler; litigation partners Julia Wood, Jacqueline Rubin and Andrew Gordon; corporate partners Caith Kushner, Tracey Zaccone, Gregory Ezring, Sarah Stasny, Kenneth Schneider, and Robert Zochowski, and counsel Jason Tyler and Frances Mi; executive compensation partner Jean McLoughlin and counsel Meghan Fox, Lisa Krausz Eisenberg, Jacob Glazeski and Reuven Falik; tax partner Robert Holo; real estate partner Peter Fisch; intellectual property partner Claudine Meredith-Goujon; antitrust counsel Marta Kelly; and environmental counsel William O’Brien.

The Bracewell team included  Kate H. Day (Picture), William A. (Trey) Wood III, Rebecca Keep, William H. Ebert, Mark E. Dendinger, Robert G. Burns, Bradley J. Benoit, Benjamin J. Martin, Olivia Caddy, Manuel Vera, Elizabeth L. McGinley, Don J. Lonczak, Annemarie E. Dunleavy, Lilliana Dealbert, Miles Tonkin, Anna K. Miller, Christie L. Latimer, Andrew C.J. Bueso, Emily A. Banse, Mark Wulfe, Derek Reusche, Jordan E. Crawford, Sylvia Cherem, Sara Orengo Lytal, Robert Grattan, Eric S. Lai, Drew Taggart, Dadren Babineaux, Shruthi Prabhu and Jonathan Lozano.

Involved fees earner: Dadren Babineau – Bracewell LLP; Emily Banse – Bracewell LLP; Bradley Benoit – Bracewell LLP; Andrew C.J. Bueso – Bracewell LLP; Robert Burns – Bracewell LLP; Olivia Caddy – Bracewell LLP; Sylvia Cherem – Bracewell LLP; Jordan Crawford – Bracewell LLP; Kate Day – Bracewell LLP; Lilliana Dealbert – Bracewell LLP; Mark Dendinger – Bracewell LLP; Annemarie Dunleavy – Bracewell LLP; William Ebert – Bracewell LLP; Robert Grattan – Bracewell LLP; Rebecca Keep – Bracewell LLP; Eric Lai – Bracewell LLP; Christie Latimer – Bracewell LLP; Don Lonczak – Bracewell LLP; Jonathan Lozano – Bracewell LLP; Benjamin Martin – Bracewell LLP; Elizabeth McGinley – Bracewell LLP; Anna Miller – Bracewell LLP; Sarah Orengo Lytal – Bracewell LLP; Shruthi Prabhu – Bracewell LLP; Derek Reusche – Bracewell LLP; Drew Taggart – Bracewell LLP; Miles Tonkin – Bracewell LLP; Manuel Vera – Bracewell LLP; William Wood III – Bracewell LLP; Mark Wulfe – Bracewell LLP; Paul Basta – Paul Weiss Rifkind Wharton & Garrison; Robert Britton – Paul Weiss Rifkind Wharton & Garrison; Gregory Ezring – Paul Weiss Rifkind Wharton & Garrison; Reuven Falik – Paul Weiss Rifkind Wharton & Garrison; Peter Fisch – Paul Weiss Rifkind Wharton & Garrison; Meghan Fox – Paul Weiss Rifkind Wharton & Garrison; Jacob Glazeski – Paul Weiss Rifkind Wharton & Garrison; Andrew Gordon – Paul Weiss Rifkind Wharton & Garrison; Marta Kelly – Paul Weiss Rifkind Wharton & Garrison; Lisa Krausz Eisenberg – Paul Weiss Rifkind Wharton & Garrison; Caith Kushner – Paul Weiss Rifkind Wharton & Garrison; Jean McLoughlin – Paul Weiss Rifkind Wharton & Garrison; Claudine Meredith-Goujon – Paul Weiss Rifkind Wharton & Garrison; Frances Mi – Paul Weiss Rifkind Wharton & Garrison; William O’Brien – Paul Weiss Rifkind Wharton & Garrison; Jacqueline Rubin – Paul Weiss Rifkind Wharton & Garrison; Kenneth Schneider – Paul Weiss Rifkind Wharton & Garrison; Sarah Stasny – Paul Weiss Rifkind Wharton & Garrison; Julia Wood – Paul Weiss Rifkind Wharton & Garrison; Claudia Tobler – Paul Weiss Rifkind Wharton & Garrison; Jason Tyler – Paul Weiss Rifkind Wharton & Garrison; Tracey Zaccone – Paul Weiss Rifkind Wharton & Garrison; Robert Zochowski – Paul Weiss Rifkind Wharton & Garrison; Robert Holo – Simpson Thacher & Bartlett;

Law Firms: Bracewell LLP; Paul Weiss Rifkind Wharton & Garrison; Simpson Thacher & Bartlett;

Clients: Diamond Offshore Drilling; Wells Fargo;

Author: Martina Bellini