Houston-based Diamond Offshore Drilling has emerged from chapter 11 after completing a financial restructuring.
Diamond Offshore had been working on the restructuring since filing for chapter 11 in April 2020. The company has merged with a reduction of over $2.1bn of debt after the equitization of senior unsecured note obligations. It also has over $625m of new available capital.
Raj Iyer, the new chairman of Diamond Offshore, commented: I am extremely pleased to have such an experienced and uniquely qualified Board of Directors. They undoubtedly have the necessary financial and business expertise and industry knowledge to oversee Diamonds post-emergence strategy.
Ive had the opportunity to engage with the Companys stakeholders t…
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