The Valaris Group's Plan of Reorganization was approved and confirmed by the United States Bankruptcy Court for the Southern District of Texas on 3 March 2021. Valaris has eliminated US$7.1 billion of debt and secured a US$520 million capital injection by issuing US$550 million of new secured notes maturing in 2028. As of 30 April 2021, Valaris had US$615 million of available cash, US$40 million of restricted cash and US$550 million of debt.
"Today marks an important milestone as the company emerges from chapter 11 with a significantly strengthened capital structure. The overwhelming support of our noteholders, bank lenders and voting shareholders has been invaluable. I want to thank everyone for their continued confidence in our business," said Tom Burke, President and CEO of Valaris. "The last 12 months have been challenging from many perspectives. However, I am immensely proud of our employees' hard work and commitment over this period. Our offshore crews and shore-based staff remain focused on delivering safe, efficient and reliable drilling services to our customers."
Burke continued: "In the current commodity price environment, we are beginning to see the early signs of a recovery in customer demand following the downturn caused by the COVID-19 pandemic. With the elimination of more than US$7 billion of debt and an injection of significant additional capital, Valaris is best positioned to take advantage of opportunities going forward."
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