Loyens & Loeff advises ad-hoc group of bondholders in the Valaris group debt restructuring
Loyens & Loeff Luxembourg advised the ad-hoc group of noteholders in connection with the Valaris group’s restructuring implemented through a US Chapter 11 proceeding.
Loyens & Loeff Luxembourg advised the ad-hoc group of noteholders in connection with the Valaris group’s restructuring implemented through a US Chapter 11 proceeding which resulted in restructuring of USD 7.1 billion in debt and securing a USD 520 million capital injection for the group. The restructuring involved an equitization of the outstanding debt liabilities, the provision of a debtor-in-possession facility by the ad hoc group of noteholders and the issuance of new secured notes.
Valaris is the world's largest offshore drilling company by fleet size.
In connection with the restructuring of the Valaris group, the financial restructuring team, as well as the capital markets team, led by Anne-Marie Nicolas and Cédric Raffoul and supported by Richard Steichen and Tapobrata Mukhopadhyay drafted and negotiated the Luxembourg security package, as well as negotiated and reviewed various finance documents such as the DIP agreement, the Notes Indenture, the foreign security package and the Luxembourg corporate approvals in connection with Valaris’ numerous Luxembourg subsidiaries acting as guarantors to the notes.
Anne-Marie NicolasPartner Attorney at Law / Avocat à la Cour
Anne-Marie Nicolas, partner, is a member of the Banking & Finance Practice Group in our Luxembourg office. She co-heads the Luxembourg Restructuring Team. Anne-Marie focuses on secured lending, including acquisition finance and real estate finance, as well as debt restructuring.T: +352 466 230 314 E: [email protected]
Richard SteichenAssociate Attorney at law / Avocat à la Cour
Richard Steichen, associate, is a member of the Banking & Finance Practice Group in our Luxembourg office and a member of the Restructuring Team. He focuses on secured lending and financial restructurings.T: +352 466 230 492 E: [email protected]