The Valaris Group has successfully completed its financial restructuring and emerged from chapter 11 on April 30. The Valaris Group's plan of reorganization 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 maturing in 2028. As of April 30, 2021, Valaris had $615 million of available cash, $40 million of restricted cash and $550 million of debt.
“Today marks an important milestone as the company emerges from chapter 11 with a significantly strengthened capital structure. The overwhelming support of our noteholders, bank lenders and voting shareholders has been invaluable. I want to thank everyone for their continued confidence in our business,” Tom Burke, president and CEO of Valaris, said. “The last 12 months have been challenging from many perspectives. However, I am immensely proud of our employees' hard work and commitment over this period. Our offshore crews and shore-based staff remain focused on delivering safe, efficient and reliable drilling services to our customers.”
The Valaris Group emerges with the largest fleet of modern, high-specification assets in the industry. The company's 11 drillships, five semisubmersibles and 44 jackups are capable of meeting a broad spectrum of customers' requirements across all geographies.
The common stock and warrants of the new parent company of the Valaris Group will commence trading on the New York Stock Exchange under the ticker symbols VAL and VAL WS, respectively, at market open today, May 3. Shares of Valaris Plc ceased trading on the OTC Pink Marketplace as of April 28, 2021.
Valaris Ltd. also appointed a new, seven-member Board of Directors, together bringing extensive industry and leadership experience to the company. The new board is comprised of the individuals listed below Elizabeth Leykum, Anton Dibowitz (who joins the Board on July 1, 2021), Dick Fagerstal, Joseph Goldschmid, Deepak Munganahalli, Jay Swent, Thomas Burke (who remains president and CEO), and Leykum has been appointed Chair of the Board.
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