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Valaris plc reported a net loss of $910 million, or $4.56 per share, for Q1 2021, a significant decline compared to a $71 million loss in Q4 2020. Adjusted EBITDA was $28 million, up from negative $10 million in the previous quarter. Revenues rose to $307 million, an increase from $297 million in Q4 2020. However, a non-cash impairment charge of $757 million was recorded. CEO Tom Burke noted early signs of recovery in customer demand, leading to rig reactivations. The company aims to emerge from Chapter 11 soon, focusing on a leaner operational model.
Valaris plc (OTC: VALPQ) has received approval from the U.S. Bankruptcy Court for its prearranged Plan of Reorganization. Roughly 80% of unsecured noteholders and 100% of bank lenders supported the Plan, which aims for Valaris to exit Chapter 11 by early Q2 2021. This Plan will eliminate $7.1 billion in debt and secure a $520 million capital injection via a new secured note. Additionally, contracts with Daewoo Shipbuilding will be amended to extend drillship delivery to December 31, 2023, with final payments totaling around $337 million.
Valaris plc (OTC: VALPQ) announced significant updates regarding its restructuring efforts. On February 5, 2021, it entered a second amendment to the Restructuring Support Agreement to include Bank Lenders as parties. The company will allow Bank Lenders to receive distributions in cash and new equity. Under the Rights Offering, approximately 97.6% of rights will be available to holders of Senior Notes, and 30% of new equity will be allocated to participating holders. The agreement aims to strengthen the company’s capital structure amid Chapter 11 proceedings.
Valaris plc (OTC: VALPQ) secured a $500 million Debtor-in-Possession (DIP) term loan on September 25, 2020, following approval from the Bankruptcy Court in Texas. This funding increases the company's liquidity to over $680 million, including $180 million in cash. The company aims to support operations during its Chapter 11 process and is backed by 72% of its noteholders. Valaris is focused on rebuilding its financial foundation and optimizing its balance sheet for future growth.
Valaris plc (OTC: VALPQ) announced the expiration of the joinder period under its Restructuring Support Agreement (RSA) and Backstop Commitment Agreement (BCA). A total of 72% of its senior noteholders have executed these agreements. Key components of the RSA and BCA include equitization of pre-petition credit facilities and unsecured notes, a $500 million backstopped rights offering for new secured notes, and the potential cancellation of existing equity interests. Legal and financial advisors for the restructuring process have been appointed, and court-related information is accessible online.
