Valaris Gets OK to Wipe $7B Debt With Stock Swap

In a recent article, Bankruptcy Law 360 reported that “U.S. Bankruptcy Judge Marvin Isgur approved the [Valaris] plan following a short virtual hearing in which he was told the plan will leave Valaris with less than net zero debt, an unusual position for its industry.”

The firm is counsel to South Korea-based Daewoo Shipbuilding & Marine Engineering Company in the Valaris Plc case pending in Texas bankruptcy court. Daewoo “dropped its objections after the parties reached an agreement Friday to extend the delivery date on the ships to the end of 2023.”

Shirley Cho was quoted in the article.