Ocean Rig UDW: wind-up petitions withdrawn, liquidators discharged

By Caroline Salls

Pittsburgh, Oct. 18 – Ocean Rig UDW Inc. said the petitions to wind up scheme companies Ocean Rig UDW and its Drill Rigs Holdings Inc., Drillships Financing Holding Inc. and Drillships Ocean Ventures Inc. subsidiaries have been withdrawn.

According to a news release, joint provisional liquidators Simon Appell of Alix Partners Services UK LLP and Eleanor Fisher of Kalo (Cayman) Ltd. were discharged under an order of the Grand Court of the Cayman Islands.

As previously reported, the schemes of arrangement proposed by the scheme companies became fully effective on Sept. 22.

As a result of the schemes, Ocean Rig said the group has been substantially deleveraged through an exchange of $3.7 billion principal amount of debt for new equity of the company, $288 million of cash and $450 million of new secured debt.

Ocean Rig is a deepwater driller based in Nicosia, Cyprus. The company filed for bankruptcy on March 27 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 15 case number 17-10736.

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