Valaris (VAL) has just announced that it managed to reach consensus with certain creditors regarding its restructuring and published the restructuring support agreement. The company reached agreement with approximately 50% of its noteholders and plans to do the following: Equitize its revolving credit facility and unsecured notes. Obtain DIP financing...
Vladimir Zernov on Seeking Alpha | August 20, 2020
Valaris (NYSE: VAL) has filed for Chapter 11 bankruptcy. The world's largest offshore drilling contractor is the latest company in that sector to go this route because of this year's steep decline in oil prices, following earlier filings by Noble Energy and Diamond Offshore Drilling. The company recently warned that bankruptcy was "imminent," so this official announcement comes as no surprise.
Valaris plc (NYSE: VAL) ("Valaris" or the "Company") today announced that it has entered into a binding Restructuring Support Agreement (the "RSA") and Backstop Commitment Agreement (the "BCA") with approximately 50% of its noteholders ("Consenting Noteholders"). Valaris will undergo a financial restructuring that is intended to reduce its debt load substantially, support continued operations during the current lower demand environment and provide a robust financial platform to take advantage of market recovery over the long term.
Moody's Investors Service ("Moody's") upgraded The Sherwin-Williams Company's ("Sherwin") senior unsecured ratings to Baa2 from Baa3 and upgraded the commercial paper rating to P-2 from P-3. "Sherwin-Williams has demonstrated resilience during a historically difficult macroeconomic environment in 2020 and reduced debt by more than $2 billion since acquiring Valspar in June 2017, " said Ben Nelson, Moody's Vice President -- Senior Credit Officer and lead analyst for The Sherwin-Williams Company.