LaForta Gestao announces credit bid cap and floor for drilling rig

By Sarah Lizee

Olympia, Wash., Sept. 28 – LaForta Gestao e Investimentos Sociedade Unipessoal LDA announced the credit bid cap and floor under the bid procedures for La Muralla IV, an ultra-deepwater semi-submersible drilling rig, according to a notice filed with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, the company negotiated with backstop lenders to include credit bid caps to ensure the nearly $1 billion in debtor-in-possession lender and noteholder claims do not chill bidding.

The debtor said Monday that the credit bid cap had been set at $90 million, and the floor was set at $40 million.

Bids are due by 1 p.m. ET on Oct. 26. An auction, if needed, will be held on Nov. 2, and a sale hearing will take place on Nov. 15.

The Funchal, Portugal-based ultra-deepwater semi-submersible drilling rig owner is a wholly owned subsidiary of non-debtor Offshore Drilling Holding SA. It filed bankruptcy on June 16 under Chapter 11 case number 22-90126.

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