M&A Advisor commended Orrick in its 2018 International M&A Award series, recognizing its work on the restructuring of offshore drilling contractor Ocean Rig in two categories: Restructuring of the Year ($1 - $5 billion) and Energy Deal of the Year. This was a massive restructuring involving billions of dollars in restructured debt, four highly complex inter-linked Cayman Islands schemes of arrangement and a Chapter 15 filing in New York.
The restructuring – the largest implemented through Cayman Islands schemes of arrangement – contained a number of novel features and important developments in the law. It resolved questions for companies considering restructurings in the Cayman Islands, clarified case law with regards to Cayman Islands exempted companies and registered foreign companies establishing their center of main interest in the Cayman Islands, and provided clear precedent under Chapter 15 as to the propriety of changing a company’s center of main interest.
An Orrick team led by Bill Haft served as lead counsel to Ocean Rig and included lawyers in New York and London, including Evan Hollander, Stephen Phillips, Scott Morrison, Raniero D’Aversa, Doug Mintz, Peter Rooney, Stephen Ashley, Gillian Smith, Mitch Pahl, Ayanna Lewis-Gruss, Monica Perrigino, Ken Marx, Peter Amend, Debra Felder, Siobhan Sheridan, Amy Roper, David Litterine-Kaufman, Danny Rubens, Emmanuel Fua, Jason Ervin, Peter Tringali and others.
M&A Advisor will honor the winners at a reception in New York on June 18.