The restructuring of Ocean Rig, the largest ever successful restructuring in Cayman, netted industry awards for insolvency and restructuring firm Kalo and offshore law firm Ogier, which acted for the joint provisional liquidators.
The restructuring was named Energy Deal of the Year and Restructuring of the Year by M&A Advisor.
Ocean Rig – an international contractor of offshore deep-water drilling services – underwent the largest Cayman Islands restructuring in history as it sought to restructure around US$3.69 billion of New York law governed debt.
The deal incorporated several new and groundbreaking developments that put the Cayman Islands on the map as a jurisdiction for complex, cross-border restructurings.
Ogier partner Rachael Reynolds led an Ogier team that advised the joint provisional liquidators, Kalo’s Eleanor Fisher and Simon Appell of AlixPartners London, on the restructuring of Ocean Rig.
Ms. Reynolds appeared as lead advocate on behalf of the provisional liquidators in the Cayman Grand Court and provided expert evidence for the Chapter 15 recognition application.
“The case is a leading example of how the Cayman Islands “light touch restructuring” tool can be used to achieve successful restructurings of complex and cross-border financing arrangements,” Ms. Reynolds said. “Ogier’s specialist Restructuring and Insolvency team is adept at handling challenging domestic and cross-border assignments.”
Sidley Austin acted as onshore counsel to the liquidators. Maples, and Orrick, Herrington & Sutcliffe acted for the company.
M&A Advisor specializes in insights and intelligence on mergers and acquisitions. For these awards, an independent judging panel of industry experts evaluated nominations representing over 250 individual companies from across the world.