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Ocean Rig: Four creditor scheme vote meetings scheduled for Aug. 11
By Caroline Salls
Pittsburgh, July 21 – Ocean Rig UDW Inc. announced Friday that the Grand Court of the Cayman Islands has ordered that four separate meetings of creditors of Drillships Financing Holding Inc. (DFH), Ocean Rig UDW Inc. (UDW), Drill Rigs Holdings Inc. (DRH) and Drillships Ocean Ventures Inc. (DOV) for approval of those companies’ schemes of arrangement.
According to an Ocean Rig news release, the UDW scheme creditors include holders of its 7¼% senior unsecured notes due 2019, lenders with guarantee claims under a DFH credit facility and a DOV credit facility and holders of beneficial interests in the 6½% senior secured notes due Oct. 1, which were issued by DRH and guaranteed by UDW.
The DRH scheme creditors are holders of a beneficial interest in the 2017 notes, the DFH scheme creditors are the DFH credit facility lenders, and the DOV scheme creditors are the lenders under the DOV credit facility.
Each of the scheme meetings will be held on Aug. 11.
Scheme creditors as of the Aug. 10 record date will be entitled to vote at the meeting.
If approved at the meetings, Ocean Rig said the schemes of arrangement will be subject to subsequent applications seeking the sanction of the court, which will be heard on Sept. 4.
“We are confident that the creditors will support the schemes, and we look forward to moving forward with the restructuring,” Ocean Rig chairman and chief executive officer George Economou said in the release.
Ocean Rig is a deepwater driller based in Nicosia, Cyprus. The company filed for bankruptcy on March 27 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 15 case number 17-10736.
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