Valaris Gets OK To Wipe $7B Debt With Stock Swap

By Rick Archer (March 3, 2021, 8:37 PM EST) -- Offshore drilling contractor Valaris PLC got the go-ahead from a Texas bankruptcy judge Wednesday to equitize $7 billion in debt with a Chapter 11 plan the company's counsel described as a "total victory."

U.S. Bankruptcy Judge Marvin Isgur approved the plan following a short virtual hearing in which he was told the plan will leave Valaris with less than net zero debt, an unusual position for its industry.

"The terms of this restructuring are a total victory for Valaris," Valaris counsel Spencer Winters said.

Valaris filed for Chapter 11 protection in August with $7.1 billion in funded debt, citing the energy...

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