Valaris Pitches $500M DIP Over Citibank's Objection

By Rick Archer (September 24, 2020, 11:11 PM EDT) -- Offshore drilling contractor Valaris PLC asked a Texas bankruptcy judge Thursday to allow it to take out $500 million in financing from a group of its bondholders over the objections of Citibank, which argued the company's bank creditors offered a better deal.

In a remote hearing late Thursday, witnesses for Valaris said while the banks had offered slightly better terms, the bondholders had offered both more money and support for a plan to fully convert the company's $7.1 billion in debt to equity.

"We thought it provided the best pathway to the broader restructuring structure the debtor wanted," Valaris CFO Johnathan...

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