LaForta Gestao seeks dismissal of Chapter 11 bankruptcy case

By Sarah Lizee

Olympia, Wash., Aug. 14 – LaForta Gestao e Investimentos Sociedade Unipessoal LDA is seeking dismissal of its Chapter 11 bankruptcy case, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company said that as a result of the sale of its assets, there isn’t any business to reorganize.

The debtor anticipates being able to distribute the remaining proceeds and its rights to a premium reimbursement promptly after entry of the dismissal order to the lone remaining creditor group entitled to a distribution – the debtor-in-possession lenders.

The company said it isn’t aware of any other material unliquidated assets.

LaForta said conversion or appointment of a Chapter 7 trustee would provide no benefit to creditors, and would likely be destructive to the estate and creditors because it would impose significant additional administrative costs and further delay distributions to the DIP lenders.

LaForta, which previously owned the Funchal, Portugal-based ultra-deepwater semi-submersible drilling rig known as La Muralla IV, is a wholly owned subsidiary of non-debtor Offshore Drilling Holding SA. It filed bankruptcy on June 16, 2022 under Chapter 11 case number 22-90126.

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