Cayman Islands-based Ocean Rig UDW and three affiliated Debtors filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Southern District of New York, case number 17-10736. The Company, which provides oilfield services for offshore oil and gas exploration, development and production drilling, is represented by Evan C. Hollander of Orrick, Herrington & Sutcliffe.
According to documents filed with the Court, the Company seeks entry of an order (a) recognizing (1) provisional liquidation proceedings with respect to the Debtors under Section 104 of Part V of the Cayman Islands Companies Law and (2) subsequent applications for the sanctioning of schemes of arrangement in respect of the Debtors under Section 86 of Part IV of the Cayman Islands Companies Law as foreign main proceedings pursuant to sections 1515, 1517 and 1520 of Title 11 of the United States Code.
The Company explains, “As a consequence of the filing of winding up petitions and the commencement of the provisional liquidation proceedings in the Cayman Islands, the Debtors have triggered defaults and cross-defaults under their financial indebtedness and have exposed themselves to any number of adverse actions in the United States. If provisional relief in the form of a stay is not granted, there is substantial risk that certain creditors may place the company in imminent peril in an effort to jeopardize the restructuring.”
Ocean Rig UDW reports $4.1 billion in pre-petition assets.
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