Ocean Rig UDW Inc., the Nasdaq-listed international contractor of offshore deepwater drilling services, completed one of the largest cross-border restructurings in the Cayman Islands and emerged from bankruptcy last week, the Cayman Compass reported yesterday. The restructuring substantially deleveraged the group’s companies by exchanging $3.7 billion in debt for new equity, $288 million in cash and $450 million of secured debt. The restructuring reduced net debt by approximately $3.25 billion and involved the provision of a new $450 million credit facility. Creditors received ordinary shares, cash and new loan notes in consideration of the release of debt. In addition, potential claims against the group were transferred into a preserved claims trust to allow creditors to share on a ratable basis in any recoveries from such claims, noted law firm Appleby Cayman.
