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Valaris Exits Bankruptcy With Enough Cash for Rocky 2022

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Morrison & Foerster was featured in The Deal’s coverage of Valaris eliminating $7.1 billion in debt and exiting Chapter 11 with $615 million in available cash that is expected to cushion the offshore drilling company from continued industry weakness.

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Morrison & Foerster was featured in The Deal’s coverage of Valaris eliminating $7.1 billion in debt and exiting Chapter 11 with $615 million in available cash that is expected to cushion the offshore drilling company from continued industry weakness.The cross-border MoFo Business Restructuring and Insolvency Group (BRIG) deal team advising the official committee of unsecured creditors of Valaris and its affiliated debtors in the restructuring was led in New York by Lorenzo Marinuzzi, global co-chair of BRIG, together with Jennifer Marines, also global co-chair of BRIG, and associates Raff Ferraioli, Aarti Gupta, and Katherine Richardson Arnould. The London BRIG deal team was led by Howard Morris, head of BRIG in London, together with of counsel Amrit Khosa, associate Jai Mudhar, and trainee solicitors Joe Donaghey and Haania Amir. Read the <a target="_blank" href="https://pipeline.thedeal.com/article/28heduafcqgcf7kvnx98g/deal-news/bankruptcy/valaris-exits-bankruptcy-with-enough-cash-for-rocky-2022">full article</a>.

Valaris Exits Bankruptcy With Enough Cash for Rocky 2022

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Lorenzo is global chair of the firmwide Business Restructuring + Insolvency Group. Lorenzo represents debtors, creditors, and creditors’ committees in complex bankruptcy cases, workouts, and litigation. His cases have spanned the United States as well as countless industries, such as airline and cargo transportation, mortgage origination and servicing, retail, banking and finance, energy, oil and gas, and telecommunications.Lorenzo has represented the official committee of unsecured creditors in numerous recent chapter 11 cases, including Maverick Gaming, Del Monte Foods, Nikola, American Tire, Accuride, Fisker, Thrasio, Peer Street, Incora/Wesco, Clovis Oncology, Valaris, Windstream Holdings, Inc., Cloud Peak Energy, Westmoreland Coal Company, Inc., the NORDAM Group, Inc., Avaya Inc., Armstrong Energy, Inc., 21st Century Oncology Holdings, Inc., Peabody Energy, Inc., Energy Future Holdings Corp., and UCI International, Inc.Lorenzo’s deep experience and capabilities advising on precedent-setting bankruptcy and restructuring matters have not gone unnoticed. He is listed as a leading lawyer in Chambers USA and has also been recommended by The Legal 500 US. He was also designated by Turnarounds & Workouts magazine as an Outstanding Restructuring Lawyer for his accomplishments in 2016, 2017, and 2024.

Lorenzo Marinuzzi

Partner

Jennifer Marines serves as global vice chair of Morrison Foerster, Head of the firm’s global Business Restructuring + Insolvency Group, a member of the Woman’s Strategy Committee, and a member of the Firm’s Finance and Benefits Committee. She has extensive experience in representing chapter 11 debtors, creditors, investors, and other parties in interest in all aspects of complex corporate restructurings, including chapter 11 cases, out-of-court restructurings, and distressed acquisitions.Jennifer has built a highly successful and peer-recognized practice in the restructuring and work-outs space, routinely representing companies and their boards in navigating complex distressed situations. Jennifer also has extensive experience advising official committees of creditors, negotiating and structuring financings and other commercial transactions, and representing clients seeking to purchase businesses and related assets out of chapter 11 proceedings. Jennifer is recognized by Chambers USA and The Legal 500 US in the area of corporate restructuring. She has recently been recognized as one of “Top Women in Dealmaking” by The Deal and a “Top Woman Dealmaker” by Global M&A Network. She has also been named an “Outstanding Young Restructuring Lawyer” for 2016–2020 by Turnarounds & Workouts and a “Bankruptcy Rising Star” for 2016 and 2017 by Law360. The American Bankruptcy Institute also honored Jennifer in 2018 as one of their “40 Under 40,” a list recognizing emerging leaders in insolvency practice.

Jennifer Marines

Vice Chair, Head of Business Restructuring + Insolvency

Raff Ferraioli is a partner in the Business Restructuring + Insolvency Group in the New York office of Morrison Foerster.Raff has worked on a broad range of restructuring matters across various industries. He has experience representing official committees of unsecured creditors, as well as ad hoc groups, creditors, debtors, and other parties-in-interest in all aspects of complex corporate restructuring strategies and bankruptcy cases. Raff has represented the official committee of unsecured creditors in numerous chapter 11 cases, including Thrasio Holdings, PeerStreet, Wesco Aircraft Holdings (Incora), Clovis Oncology, the NORDAM Group, Windstream Holdings, and Valaris Plc.Raff earned his J.D. at St. John’s University School of Law, where he was an Articles and Notes editor for the American Bankruptcy Institute Law Review and the managing director of the Moot Court Honor Society. After law school, Raff received his LL.M. in Bankruptcy from St. John’s University School of Law, earning the highest cumulative grade point average in the program.Prior to joining Morrison Foerster, Raff served as a law clerk to the Honorable Mary Kay Vyskocil in the United States Bankruptcy Court for the Southern District of New York.

Raff Ferraioli

Business Restructuring + Insolvency

The Deal