Judge Approves $500M Ch. 11 Financing For Valaris

By Rick Archer (September 25, 2020, 9:53 PM EDT) -- A Texas bankruptcy judge on Friday approved Valaris PLC's request to take $500 million in debtor-in-possession financing from a bondholder group, saying objector Citibank and the offshore drilling contractor had spent two days arguing about different issues.

At the end of the second day of remote hearings, U.S. Bankruptcy Judge Marvin Isgur said that while Valaris' arguments had convinced him on the merits of the DIP, Citibank had succeeded in what he felt was the real goal of the bank's arguments.

"The debtor wins today's battle but the lender spent quite a bit of time creating a chapter in the confirmation...

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