Breakfast Briefing: Taking a Leaf out of the Ocean Rig Restructuring

New Avenues for International Bankruptcies

Firm Event | November.02.2017 - November.09.2017

Orrick 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.

CLE Credits Available: Y



  • Finance Sector
  • Restructuring
  • Mergers & Acquisitions

Raniero D'Aversa Partner Restructuring, Mergers & Acquisitions

New York

Raniero D’Aversa is chair of Orrick’s Restructuring group. He is a market-leading practitioner in bankruptcies, out-of-court restructurings and creditors’ rights controversies and brings years of experience representing DIP lenders, secured lenders, bank groups and hedge funds in those capacities.

Ron is the designated restructuring counsel to many leading financial institutions such as The Royal Bank of Scotland, Bank of America, Citibank, Commerzbank, Toronto-Dominion Bank and The Bank of Nova Scotia. He has represented clients in bankruptcies, workouts, DIP loans, distressed debt transactions, bankruptcy litigation, derivatives and distressed acquisitions. Ron has represented interests of financial institutions and investors in such restructuring and bankruptcy cases as Ocean Rig, Seadrill, CHC Helicopter, Erickson, Indiana Toll Road, Pocahontas Parkway, Eagle Bulk, Spyglass Films, American Airlines, Republic Airlines, Chemtura Corporation, Quebecor, AbitibiBowater, North Las Vegas, Ritchie Risk-Linked Strategies, Star Diamond, Lehman and Mesa Airlines.



  • Restructuring
  • Distressed Assets & Alternative Investments
  • Bankruptcy Litigation
  • Banking & Finance

Evan C. Hollander Partner Restructuring, Distressed Assets & Alternative Investments

New York

Evan Hollander, Senior Partner in Orrick’s New York office, is a member of the firm’s Restructuring group.

Evan Hollander has over 25 years of experience representing debtors, secured creditors, holders of fulcrum securities, distressed asset acquirers, and independent directors in complex U.S. and cross-border restructuring matters. Mr. Hollander is equally comfortable in the courtroom as he is at the negotiating table and the boardroom, and has extensive experience crafting and implementing restructuring plans. He frequently writes on insolvency related topics and routinely appears on panels at industry conferences.



  • Finance Sector
  • Restructuring
  • Finance

Scott Morrison Partner Restructuring, Finance


Scott Morrison is a Partner in the firm's Restructuring group in London, focusing primarily on financial restructuring and insolvency.

Scott advises insolvency practitioners, creditors (including banks and alternative credit providers) and corporates on all aspects of national and cross-border restructuring and insolvency transactions.  He also advises on bank finance transactions on both borrower and lender side. 

Before joining Orrick, Scott was an associate in the restructuring team within the banking and finance group of an international law firm.



  • Finance Sector
  • Banking & Finance
  • Structured Finance
  • Financial & Structured Products
  • Mergers & Acquisitions
  • Corporate
  • Asset Backed Securities
  • Restructuring
  • France
  • Africa
  • Maritime Finance
  • Fintech
  • Corporate Lending

William S. Haft Partner Banking & Finance, Structured Finance

New York

Bill Haft is a corporate finance lawyer and serves as head of Orrick’s global Banking & Finance group. He has a broad practice counseling international financial institutions and corporations in credit and capital markets transactions; bank, structured and asset finance; project finance; securities regulation and commercial law; mergers and acquisitions; joint ventures and restructurings. 

Bill regularly counsels clients in connection with cross-border matters, including maritime, energy and infrastructure transactions.

Reflecting feedback from his clients, Bill was recently named to BTI’s “Client Service All-Stars,” an exclusive recognition for lawyers who demonstrate superior client service. Described by an IFLR1000 client commentator as “extremely responsive” with a “deep spectrum of knowledge,” in Banking and Finance, Bill is also consistently recognized as a leading international lawyer by Chambers Global for his “experience working with French and other European clients on capital markets transactions.”

Bill has particular experience in the maritime sector having advised on numerous complex international shipping and offshore corporate and capital markets transactions and restructurings on behalf of a cross section of banks, arrangers, investors, owners and operators.

Before joining Orrick, Bill practiced with two other international law firms in New York and Paris.