Valaris Exits Bankruptcy With Enough Cash for Rocky 2022

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. 

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