Valaris secures 120-day extension of its exclusive plan periods

By Sarah Lizee

Olympia, Wash., March 4 – Valaris plc secured a 120-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court Southern District of Texas.

Specifically, the court extended the plan filing period through April 16 and the solicitation period through June 15.

The company’s Chapter 11 plan of reorganization was confirmed on Wednesday.

Valaris had filed the exclusivity motion in December, saying that the company and Lazard Freres & Co. LLC worked to broker a settlement with the company’s revolving credit facility lenders. At that time, Lazard was in ongoing discussions with the parties in an effort to reach a settlement.

“Extending the exclusivity periods will permit the debtors to continue prosecuting their value-maximizing plan process and will enable the debtors’ stakeholders to realize the benefits of months of hard-fought negotiations,” the motion had said.

Valaris is a London-based offshore drilling company. The company filed bankruptcy on Aug. 19, 2020 under Chapter 11 case number 20-34114.

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