Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Energy / Post-Bankruptcy Stocks

Offshore Group Investment Limited Plan Effective

Offshore Group Investment Limited's (OGIL) Amended Joint Prepackaged Chapter 11 Plan became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on January 15, 2016. Through its Plan, OGIL eliminated more than $1.5 billion of senior secured debt and most cash interest and received $75 million in new exit financing. The Company believes its new capital structure creates a strong foundation for long-term success. Paul Bragg, OGIL's C.E.O. states, "Today marks the completion of a restructuring and recapitalization that allows the Company to move forward with a solid financial foundation from which we expect to continue to operate successfully and grow." The Company also announced a newly-constituted board of directors in conjunction with the Company's emergence from Chapter 11. The Company further announced that it has changed its name to Vantage Drilling International. This international offshore driller filed for Chapter 11 protection on December 3, 2015, listing $3.5 billion in pre-petition assets.

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