A cross-practice team successfully defended Ocean Rig in the U.S. Court of Appeals for the Second Circuit against an attempt to overturn a New York bankruptcy court’s order recognizing the company’s Cayman Islands-based restructuring proceedings under chapter 15 of the Bankruptcy Code. The appeal was part of a long-running battle with a single purported shareholder who previously objected to the Chapter 15 recognition in Bankruptcy Court, and then appealed to the District Court. The District Court ruled that the shareholder lacked standing to pursue the appeal and, in the alternative, that the appeal was equitably moot. The shareholder then sought further review in the Second Circuit. Less than a week after oral argument, the Second Circuit issued an order affirming the district court’s dismissal on standing grounds and concluding that the shareholder’s remaining arguments lacked merit.
Orrick previously advised the Cayman Islands-based offshore drilling contractor on its groundbreaking international debt restructuring in 2017, which restructured nearly $4 billion in debt. In 2018, we advised Ocean Rig and its affiliates on the $2.7 billion merger with Transocean and continue to represent the company in ongoing appeals in multiple jurisdictions.