Valaris Completes Restructuring, Emerges From Chapter 11

Valaris says that on April 30, 2021 the company successfully completed its financial restructuring and emerged from chapter 11.

• Valaris says eliminated $7.1b of pre-petition debt
• Valaris: improves liquidity position by receiving $520 million capital
• Says as of April 30, 2021, Valaris had $615 million of available cash, $40 million of restricted cash and $550 million of debt
• CEO says, “In the current commodity price environment, we are beginning to see the early signs of a recovery in customer demand following the downturn caused by the COVID-19 pandemic”
• Common stock and warrants of the new parent Company of the Valaris ...