Simpson Thacher Represents Centerbridge Partners and York Capital Management in Shelf Drillings’ Comprehensive Restructuring
Simpson Thacher represented Centerbridge Partners and York Capital Management as lead investors on a comprehensive out-of-court debt restructuring of Shelf Drilling, Ltd., an offshore oil rig contractor operating primarily in Asia and Africa. The transaction resulted in the exchange and/or repayment of all of Shelf’s existing term loans and substantially all of its existing senior secured notes for a combination of cash and newly issued senior secured notes. The transaction de-levers Shelf’s balance sheet and results in longer dated maturities.
The Simpson Thacher team included Sandy Qusba, Nicholas Baker and Lauren Finkelstein (Restructuring and Bankruptcy); John C. Ericson, Katerina Kousoula and Tadashi Okamoto (Capital Markets); Jonathan Pall (Banking and Credit); and Jonathan Cantor and Jodi Schneider (Tax).