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Ocean Rig creditors vote to approve four schemes at Friday meetings
By Caroline Salls
Pittsburgh, Aug. 14 – Ocean Rig UDW Inc. said the creditors of Drillships Financing Holding Inc. (DFH), Ocean Rig UDW Inc. (UDW), Drill Rigs Holdings Inc. (DRH) and Drillships Ocean Ventures Inc. (DOV) approved the companies’ schemes of arrangement at meetings held Friday, according to a status report filed with the U.S. Bankruptcy Court for the Southern District of New York.
Of the $3,691,697,000 of debt to be restructured under the UDW scheme, the company said creditors holding $3,548,907,492, or 96.08% of all UDW scheme debt, voted on the scheme. Of this amount, 330 creditors, representing 98.51% of the votes cast, holding $3,472,785,492 of the scheme debt, representing 97.91% of the amount voted, accepted the scheme.
According to the notice, only the five funds managed by Highland, holding $74.12 million of the debt, voted to reject the UDW scheme.
Of the $1,833,500,000 of debt to be restructured under the DFH scheme, creditors holding $1,831,452,564, or 99.89% of all DFH scheme debt, voted on the scheme, and 100% of these creditors voted to accept the scheme.
Of the $1,267,500,000 of debt to be restructured under the DOV scheme, creditors holding $1,245,962,928, or 98.30% of all DOV scheme debt, voted on the scheme, and 100% of these creditors voted to accept the DOV scheme.
Of the $314,443,000 of debt eligible to vote in the DRH scheme meeting, creditors holding $233,329,000, or 74.20% of the eligible DRH scheme debt, voted on the scheme, and 100% of these creditors voted to accept the DRH scheme.
The scheme sanction hearings are scheduled to begin on Sept. 4.
Ocean Rig is a deepwater driller based in Nicosia, Cyprus. The company filed for bankruptcy on March 27 under Chapter 15 case number 17-10736.
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