Ocean Rig restructuring plan approved

Ocean Rig restructuring plan approved

More than 75% of creditors of George Economou’s Ocean Rig have voted in favour of a restructuring plan put forward by the troubled company. The plan, which calls for $3.7bn in old debt to be replaced with new debt, equity, and cash, will now be put into action.

Ocean Rig sought bankruptcy protection at the end of last month and is now likely to be delisted from the Nasdaq.

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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