Orrick Sponsors Marine Money’s Houston Offshore Finance Forum

On May 2, 2018, Orrick will sponsor Marine Money’s 8^th Annual Houston Offshore Finance Forum, where partner Bill Haft will discuss the most significant aspects of the Ocean Rig transaction. The forum is dedicated to business opportunities between shipowners and the international capital markets, covering topics on the latest deals structures, pricing, and financing techniques used as well as details on the lenders, principals, and investors involved.

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 $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.