New Avenues for International Bankruptcies
Firm Event | November.02.2017 - November.09.2017Orrick New York and London
Complex as any recapitalization of a multinational corporation could be, the Ocean Rig restructuring set a number of precedents and showed the path for future transactions with a number of groundbreaking features.
Ocean Rig's recent $3.7 billion restructuring made headlines, not only for its size but for a structure implemented via a number of interconnected Cayman schemes of arrangement which were recognized by a U.S. Bankruptcy Court. Notwithstanding the support from the overwhelming majority of creditors, the implementation was hotly contested in both the United States and Cayman.
Orrick partners from London and New York, together with Ocean Rig's restructuring financial adviser, Evercore, will discuss how the deal got done and how some of the new solutions that were developed can be applied to other international restructurings.CLE credit is only available in NY.