Walkers (Cayman) Acts on Shelf Drilling Restructuring

Walkers acted for Shelf Drilling as it undertook a restructuring of certain third party debt obligations that included the exchange of certain existing secured notes for new notes and the issuance of preferred equity to certain investors. Shelf Drilling ran a parallel process of putting together the exchange offer and a scheme of arrangement under Cayman Islands law to effect the debt restructure in case the requisite consent thresholds were not met under the exchange offer.

Walkers was instructed by Skadden, Arps, Slate, Meagher & Flom and led by partner Rolf Lindsay with assistance by partner Neil Lupton and senior counsels Theo Lefkos and Fiona MacAdam.