Valaris Limited’s Financial Restructuring and Emergence from Chapter 11

Conyers, working alongside Kirkland & Ellis LLP and Slaughter and May, 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 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. 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. Ogierhas acted as Jersey counsel to an ad hoc group of noteholders. Morrison & Foerster LLP advised the official committee of unsecured creditors of Valaris plc.

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 new parent company of the Valaris Group will commence trading on the New York Stock Exchange on Monday, May 3. Shares of the former UK parent company ceased trading on the OTC Pink Marketplace as of April 28, 2021.

In addition, the company has appointed a new, seven-member board of directors, with Burke as president and CEO.

Valaris Limited is the industry leader in offshore drilling services across all water depths and geographies.

The Conyers team was led by Director Jennifer Panchaud (Picture), supported by Associates Karoline Tauschke, Andrew Barnes, Hailey Edwards and Elizabeth Blankendal.

Kramer Levin represented an ad hoc group of bondholders holding more than $4 billion of outstanding notes with a team led by Corporate Restructuring and Bankruptcy partners Stephen D. Zide and Thomas Moers Mayer, special counsel Jennifer R. Sharret and associates Mark Chass, Nathaniel Allard and Hunter Blain. Members of the Kramer Levin team essential to the success of the restructuring included Corporate partners John Bessonette and Abbe L. Dienstag; Banking and Finance partner Sanjay Thapar; Tax partner Barry Herzog and counsel Jay Geiger; Executive Compensation and Employee Benefits partner Marissa J. Holob and special counsel Avram J. Cahn; Bankruptcy Litigation partner Philip Bentley; Litigation special counsel Arielle Warshall Katz and associates Harry P. Morgenthau and Anna Boltyanskiy; and Corporate associates Lia Pistilli, Amanda Webber, June Jhe, Nicholas Tarnowski, Drew Diedrich and Andrew M. Barondess.

The Ogier team was led by Partner Bruce MacNeil, assisted by managing associate James Lydeard and associate Tshepang Phiri.

Shearman & Sterling represented Citibank, N.A. with Fredric Sosnick, Ned S. Schodek, Alexander Wood, Kevin Heverin, Lauren Randle, Michael Guippone, Blaine Scott, William Holste, Jamie Turley, Daniel H.R. Laguardia, Grace J. Lee, George Anhang, Adam J. Goldstein, Christina Urhausen, Osher Gordon, Deke Shearon, Kaleigh Aucoin Ramsey, Maura O’Sullivan, Tomasz Kulawik,, Brittany Roger, Andrew Tsang, Bill Nelson, John W. Menke, Simon Letherman, Jay M. Singer, Joshua Savey, Matthew Readings, John M. Beahn, Doreen E. Lilienfeld, and Olivier Souleres.

The cross-border MoFo Business Restructuring and Insolvency Group (BRIG) deal team was led in New York by Lorenzo Marinuzzi, global co-chair of BRIG, together with Jennifer Marines, also global co-chair of BRIG, and associates Raff Ferraioli, Aarti Gupta, and Katherine Richardson Arnould. The London BRIG deal team was led by Howard Morris, head of BRIG in London, together with of counsel Amrit Khosa, associate Jai Mudhar, and trainee solicitors Joe Donaghey and Haania Amir.

Involved fees earner: Andrew Barnes – Conyers Dill & Pearman; Elizabeth Blankendal – Conyers Dill & Pearman; Hailey Edwards – Conyers Dill & Pearman; Jennifer Panchaud – Conyers Dill & Pearman; Karoline Tauschke – Conyers Dill & Pearman; Deke Shearon – Cravath Swaine & Moore; Nathaniel Allard – Kramer Levin Naftalis & Frankel; Philip Bentley – Kramer Levin Naftalis & Frankel; John Bessonette – Kramer Levin Naftalis & Frankel; Hunter Blain – Kramer Levin Naftalis & Frankel; Anna Boltyanskiy – Kramer Levin Naftalis & Frankel; Avram Cahn – Kramer Levin Naftalis & Frankel; Mark Chass – Kramer Levin Naftalis & Frankel; Abbe Dienstag – Kramer Levin Naftalis & Frankel; Jay Geiger – Kramer Levin Naftalis & Frankel; Barry Herzog – Kramer Levin Naftalis & Frankel; Marissa Holob – Kramer Levin Naftalis & Frankel; June Jhe – Kramer Levin Naftalis & Frankel; Thomas Moers Mayer – Kramer Levin Naftalis & Frankel; Harry Morgenthau – Kramer Levin Naftalis & Frankel; Lia Pistilli – Kramer Levin Naftalis & Frankel; Jennifer Sharret – Kramer Levin Naftalis & Frankel; Nicholas Tarnowski – Kramer Levin Naftalis & Frankel; Sanjay Thapar – Kramer Levin Naftalis & Frankel; Arielle Warshall Katz – Kramer Levin Naftalis & Frankel; Amanda Webber – Kramer Levin Naftalis & Frankel; Stephen Zide – Kramer Levin Naftalis & Frankel; Raff Ferraioli – Morrison & Foerster; Aarti Gupta – Morrison & Foerster; Amrit Khosa – Morrison & Foerster; Jennifer Marines – Morrison & Foerster; Lorenzo Marinuzzi – Morrison & Foerster; Howard Morris – Morrison & Foerster; Jai Mudhar – Morrison & Foerster; Katherine Richardson Arnould – Morrison & Foerster; James Lydeard – Ogier LLP; Bruce MacNeil – Ogier LLP; Tshepang Phiri – Ogier LLP; George Anhang – Shearman & Sterling; Kaleigh Aucoin Ramsey – Shearman & Sterling; John Beahn – Shearman & Sterling; Osher Gordon – Shearman & Sterling; Michael Guippone – Shearman & Sterling; Kevin Heverin – Shearman & Sterling; William Holste – Shearman & Sterling; Tomasz Kulawik – Shearman & Sterling; Daniel Laguardia – Shearman & Sterling; Grace J. Lee – Shearman & Sterling; Simon Letherman – Shearman & Sterling; Doreen Lilienfeld – Shearman & Sterling; John Menke – Shearman & Sterling; Bill Nelson – Shearman & Sterling; Maura O’Sullivan – Shearman & Sterling; Lauren Randle – Shearman & Sterling; Matthew Readings – Shearman & Sterling; Brittany Roger – Shearman & Sterling; Joshua Savey – Shearman & Sterling; Ned Schodek – Shearman & Sterling; Blaine Scott – Shearman & Sterling; Jay Singer – Shearman & Sterling; Fredric Sosnick – Shearman & Sterling; Olivier Souleres – Shearman & Sterling; Andrew Tsang – Shearman & Sterling; Jamie Turley – Shearman & Sterling; Christina Urhausen – Shearman & Sterling; Alexander Wood – Shearman & Sterling;

Law Firms: Conyers Dill & Pearman; Cravath Swaine & Moore; Kramer Levin Naftalis & Frankel; Morrison & Foerster; Ogier LLP; Shearman & Sterling;

Clients: Citibank; Valaris plc; Valaris plc – Bondholder Group; Valaris plc- Official Committee of Unsecured Creditors;

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