Diamond Offshore $2B Ch. 11 OK'd After Compromise Is Axed

Law360 (April 8, 2021, 5:18 PM EDT) -- A Texas bankruptcy judge on Thursday approved oil and gas company Diamond Offshore Drilling's $2 billion debt-swap Chapter 11 plan after rejecting a compromise between Diamond and the U.S. trustee's office over the plan's legal releases.

At a virtual hearing, U.S. Bankruptcy Judge David Jones approved the plan without the proposed compromise language, saying he would not be bound by the language and calling the U.S. trustee's objection part of a "concerted" effort to try to limit legal releases in bankruptcy plans.

"I'm not trying to undermine an agreement, I'm just not going to be a part of something I don't...

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