Valaris Plc shouldn’t be given more time in bankruptcy to push its own agenda, Citibank NA argued, saying the offshore driller is holding certain lenders “hostage” in its reorganization efforts.
Citibank, the administrative agent for Valaris revolving credit facility lenders, said in a Monday court filing that it wants an end to the company’s exclusive right to advance a pending Chapter 11 plan that would convert $7.1 billion of funded debt to equity.
Valaris has negotiated exclusively with an ad hoc group of noteholders to the detriment of RCF lenders since it entered Chapter 11, Citibank said in a filing ...
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