Valaris seeks 120-day exclusivity extension to continue negotiations

By Sarah Lizee

Olympia, Wash., Dec. 8 – Valaris plc is seeking a 120-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Monday in the U.S. Bankruptcy Court Southern District of Texas.

Specifically, the company is asking the court to extend the plan filing period through April 16 from Dec. 17 and the solicitation period through June 15 from Feb. 15.

The company and Lazard Freres & Co. LLC have been working to broker a settlement with the company’s revolving credit facility lenders, Valaris said. Lazard remains in ongoing discussions with the parties in an effort to reach a settlement.

“Extending the exclusivity periods will permit the debtors to continue prosecuting their value-maximizing plan process and will enable the debtors’ stakeholders to realize the benefits of months of hard-fought negotiations,” the motion said.

A hearing is scheduled for Jan. 11.

Valaris is a London-based offshore drilling company. The company filed bankruptcy on Aug. 19 under Chapter 11 case number 20-34114.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.