Valaris plc (VAL) Successfully Completes Restructuring

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Go back to Valaris plc (VAL) Successfully Completes Restructuring

Valaris Successfully Completes Restructuring

May 3, 2021 8:30 AM EDT

HAMILTON, Bermuda, May 3, 2021 /PRNewswire/ -- Valaris Limited (NYSE: VAL) ("Valaris" or the "Company" and together with its subsidiaries, the "Valaris Group") today announced that, on April 30, 2021, the Valaris Group has successfully completed its financial restructuring and emerged from chapter 11. The Valaris Group's Plan of Reorganization (the "Plan") was approved and confirmed by the United States Bankruptcy Court for the Southern District of Texas on March 3, 2021. Valaris now moves forward with a strengthened capital structure, eliminating $7.1 billion of debt and securing a $520 million capital injection by issuing $550 million of new secured notes... More