Ocean Rig UDW foreign representative requests Chapter 15 case closure

By Caroline Salls

Pittsburgh, Feb. 5 – Ocean Rig UDW Inc.’s foreign representative asked the U.S. Bankruptcy Court for the Southern District of New York to close the company’s Chapter 15 case, according to a motion filed Friday.

Foreign representative Iraklis Sbarounis said in the motion that the Grand Court of the Cayman Islands sanctioned the Ocean Rig debtors’ schemes of arrangement on Sept. 14. Those orders were enforced by the U.S. court on Sept. 20.

The schemes took effect on Sept. 22.

“The purpose of the proceedings before this court has been satisfied,” Sbarounis said.

Ocean Rig is a deepwater driller based in Nicosia, Cyprus. The company filed for bankruptcy on March 27, 2017 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 15 case number 17-10736.

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