Reorg Webinar Series: Transocean – Analyzing Potential Issues from District Court to Bankruptcy Court

 

In September 2020, Transocean completed a series of exchange transactions and an internal asset reorganization that have been contested by certain of the company’s priority guarantee noteholders including Whitebox and Pimco, which have sent notices of alleged default to Transocean related to its 8% senior notes due 2027 and 7.25% 2025 senior notes as well as challenged the transactions in court. The Covenants by Reorg team has concluded that the transactions likely breached certain successor guarantors covenants within the indentures and could result in Transocean becoming liable for the notes’ principal and make whole premiums. In this webinar discussion, the Americas Core Credit by Reorg team identifies a number of bankruptcy issues that the drilling industry typically faces and applied these to a hypothetical Transocean bankruptcy including consequences of the guarantee litigation and implications for Transocean of cash collateral issues.

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