LaForta Gestao gets access to $23.5 million of new money under DIP

By Sarah Lizee

Olympia, Wash., June 17 – LaForta Gestao e Investimentos Sociedade Unipessoal LDA received interim access to a debtor-in-possession facility provided by some of its noteholders, according to an interim order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

LaForta is one of three rig-owning subsidiary guarantors of the $947 million of 8 3/8% senior secured notes due 2020 issued by Offshore Drilling Holding SA in 2013. The rigs are collateral for the notes, which have been in default since mid-2020.

Some holders of notes have agreed to provide and backstop $33 million of new-money post-petition financing and a $33 million rollup of secured notes to fund operational expenses as well as Chapter 11 and sale process expenditures.

According to Friday’s interim order, the company may now draw $23.5 million of the new money and $23.5 million of the rollup.

The proposed DIP financing will provide funds to purchase fuel, reinstate insurance and undertake functions necessary for the preservation of the noteholders’ collateral before the hurricane season begins.

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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