LaForta Gestao closes sale of drilling rig for $60 million

By Sarah Lizee

Olympia, Wash., Dec. 2 – LaForta Gestao e Investimentos Sociedade Unipessoal LDA closed the sale of its ultra-deepwater semi-submersible drilling rig known as La Muralla IV, according to a notice filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, the company took in a winning bid from Operadora Cicsa, SA de CV, which offered a purchase price of $60 million.

The backstop lenders’ $40 million credit bid was named backup bid. The company had negotiated with backstop lenders to include credit bid caps to ensure the nearly $1 billion in debtor-in-possession lender and noteholder claims do not chill bidding.

The credit bid cap was set at $90 million, and the floor was set at $40 million.

The Funchal, Portugal-based ultra-deepwater semi-submersible drilling rig owner is a wholly owned subsidiary of non-debtor Offshore Drilling Holding SA. It filed bankruptcy on June 16 under Chapter 11 case number 22-90126.

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