Diamond Offshore Sends $2B Debt-Swap Ch. 11 Plan For Vote

Law360 (February 26, 2021, 3:55 PM EST) -- A Texas bankruptcy judge Friday approved oil and gas company Diamond Offshore Drilling's Chapter 11 disclosure statement, sending the company's proposal to swap $2 billion in senior debt for equity to its creditors for a vote.

At a virtual hearing, counsel for Diamond told U.S. Bankruptcy Judge David Jones that it has already secured the support of 70% of its noteholders for the plan, which also calls for the company to receive up to $725 million in exit financing.

Houston-based Diamond declared bankruptcy in April with $2.6 billion in debt, citing a long-term downward trend in oil prices that was exponentially...

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