Valaris seeks exclusivity extension to finalize plan transactions

By Sarah Lizee

Olympia, Wash., April 15 – Valaris plc is seeking a 45-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court Southern District of Texas.

Specifically, the company asked the court to extend the plan filing period through June 1 from April 16 and the solicitation period through July 30 from June 15.

The company’s Chapter 11 plan of reorganization was confirmed on March 3, as previously reported.

Valaris said it is seeking the extension out of “an abundance of caution.”

“The debtors believe that maintaining the exclusive right to file and solicit votes on a plan of reorganization is critical to realizing the value-maximizing restructuring contemplated by the plan,” the company said.

“Extending the exclusivity periods will afford the debtors and their stakeholders time to finalize the transactions contemplated by the plan, and proceed toward emergence in an efficient, organized fashion.”

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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