Appleby advises on two award winning restructuring deals
Appleby Cayman provided lead advice on two award winning deals, with the restructuring of Ocean Rig UDW Inc. (Ocean Rig) and The CHC Group (CHC) winning awards at the annual M&A Advisor Awards and the Turnaround Atlas Awards. Appleby was the only firm to act in a lead capacity on both restructuring deals, acting on the Company side for CHC Group and for the Ad-Hoc Group of Creditors on Ocean Rig.
The annual M&A Advisor awards recognise the top international deals, dealmakers and firms conducting significant transactions in the Americas, Europe, Asia, the Middle East, Africa and Australia. The Turnaround Atlas awards honour excellence from the restructuring, insolvency, distressed investing and M&A industries.
Ocean Rig was named as the ‘Energy Deal of the Year’ and the ‘Restructuring of the Year (1-5bn USD)’ at the M&A Advisor Awards. At the Turnaround Atlas Awards, Ocean Rig was also named winner of the ‘Turnaround Large (1-5bil)’, with CHC, winning in the ‘Corporate Turnaround Large (1-5bil)’ category.
Speaking on the Award success, Appleby Counsel David Bulley commented: “We are delighted that both of these deals have been recognised as some of the most complex and innovative deals in the restructuring sector. Ocean Rig in particular, set a restructuring precedent which could be deployed, in the right circumstances, by offshore entities struggling in the current economic environment as an alternative to the traditional Chapter 11 restructuring route.”
In addition to this success, Appleby continues to be the only firm to have taken lead roles on the largest oil and gas restructurings across the Caribbean and Bermuda including Ocean Rig, CHC, Pacific Drilling and SeaDrill.
Appleby acted as Cayman Islands counsel to the Ad Hoc Group of Creditors, led by Elliott Management, Lion Point Capital, Blue Mountain Capital and Avenue Capital, on the financial restructuring of the leading offshore drilling contractor, Ocean Rig UDW Inc. and three of its subsidiaries, by way of four inter-connected Cayman Schemes of Arrangement and Chapter 15 recognition. The restructuring of Ocean Rig UDW resulted in a net debt reduction of approximately USD 3.25 billion and involved the provision of a new USD 450 million credit facility.
The Appleby team was led by Counsel David Bulley on restructuring and corporate matters and Partner, Tony Heaver-Wren alongside Senior Associate Jeremy Snead on litigation and in-court matters.
Appleby acted as Cayman Islands counsel to the CHC Group of companies in respect of the Cayman Islands restructuring process, auxiliary to the chapter 11 in the US Bankruptcy Court. The restructuring was a leading example of a successful restructuring of a service provider to the distressed oil and gas sector and an illustration of the Cayman Islands’ effective augmentation of an onshore restructuring process.
The Appleby team was led by Counsel David Bulley alongside Partner, Tony Heaver-Wren and Senior Associate Jeremy Snead.