Economou claims Ocean Rig restructuring will ‘safeguard a fair process’

Economou claims Ocean Rig restructuring will ‘safeguard a fair process’

George Economou’s embattled Ocean Rig has engaged Fearnley Securities to solicit support for the scheme of arrangement contemplated by the company’s direct subsidiary Drill Rigs Holdings from the holders of the senior secured notes issued by DRH, and also engaged Clarksons Platou Securities to solicit support for the scheme of arrangement contemplated by the company with respect to its consolidated debt from the holders of the senior unsecured notes issued by the company.

Ocean Rig earlier announced plans to implement a financial restructuring through four separate but interconnected schemes of arrangement under Cayman Islands law. Ealy consent fees have been put in place to try and speed up the process.

Economou, chairman and chief executive of Ocean Rig, commented: “We are extremely pleased with the progress of our restructuring and how quickly we have been able to reach the necessary support levels for our restructuring. The company is taking these actions to allow as many stakeholders as possible to participate in the early consent fee. It is very important to us that creditors regardless of their position in the capital structure and their size, understand that their recoveries are based on a reasonable valuation of their claims and that they are being treated fairly. We believe that the hiring of bond advisors with deep industry knowledge and expertise will facilitate the understanding of Ocean Rig’s restructuring plan for all creditors, and will safeguard a fair process. We look forward to entering the next stage of our restructuring.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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