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Ocean RIG UDW Inc (ORIG.OQ)

ORIG.OQ on NASDAQ Stock Exchange Global Select Market

0.08USD
21 Sep 2017
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$-0.01 (-11.35%)
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Latest Key Developments (Source: Significant Developments)

Ocean Rig UDW Inc announces the completion of its restructuring
Friday, 22 Sep 2017 07:35am EDT 

Sept 22 (Reuters) - Ocean Rig UDW Inc :Ocean Rig UDW Inc announces the completion of its restructuring and the occurrence of the restructuring effective date.Ocean Rig UDW Inc - ‍company's amended and restated rights agreement terminated​.Ocean Rig UDW - ‍total cash of at least $690 million, including about $20 million restricted cash associated with Ocean Rig Apollo estimated as of September 30​.Ocean Rig UDW Inc - ‍ estimated as of September 30, 2017, debt of about $567 million, including about $117 million associated with Ocean Rig Apollo​.Ocean Rig UDW Inc - backlog of about $1.2 billion, including about $109 million in termination fees associated with Ocean Rig Apollo, estimated as of Sept 30.Ocean Rig UDW Inc - ‍co may terminate management services agreement at any time, subject to payment of $30 million; convenience termination fee​.Ocean Rig UDW - may terminate TMS deal subject to payment of termination fee of over $150 million that shall be reduced ratably on daily basis over term.  Full Article

Ocean Rig UDW says U.S. Bankruptcy court has issued an order giving full force to Cayman Islands schemes of arrangement
Wednesday, 20 Sep 2017 04:05pm EDT 

Sept 20 (Reuters) - Ocean Rig UDW Inc :Ocean Rig UDW Inc announces that U.S. Bankruptcy Court has issued an order giving full force and effect in the United States to Cayman Islands schemes of arrangement.Ocean Rig UDW - ‍U.S. Bankruptcy Court has issued an order giving full force and effect to UDW, DFH, DOV and DRH Cayman Islands schemes of arrangement​.  Full Article

Ocean RIG UDW announces reverse stock split
Tuesday, 19 Sep 2017 04:45pm EDT 

Sept 19 (Reuters) - Ocean RIG UDW Inc :Ocean RIG UDW Inc announces reverse stock split.Ocean RIG UDW Inc - Reverse stock split will take effect on September 21, 2017.Ocean RIG UDW Inc - Co's ‍board of directors has determined to effect a 1-for-9,200 reverse stock split of company's common shares​.  Full Article

Ocean Rig UDW says Cayman court sanctioned schemes of arrangements of co, units
Friday, 15 Sep 2017 06:00pm EDT 

Sept 15 (Reuters) - Ocean Rig UDW Inc ::Cayman Islands court sanctioned schemes of arrangements of company and its subsidiaries​.Terms of restructuring have been approved by Cayman Court​.  Full Article

Ocean RIG UDW Inc - announces decision by U.S. Bankruptcy court granting recognition of Cayman proceedings as foreign main proceedings​
Friday, 25 Aug 2017 04:05pm EDT 

Aug 25 (Reuters) - Ocean Rig Udw Inc :Ocean RIG UDW Inc - announces decision by U.S. Bankruptcy court granting recognition of Cayman proceedings as foreign main proceedings​.Ocean RIG UDW Inc - ‍sanction hearings to consider approval of scheme companies' schemes of arrangement to be held by Cayman court on 4 - 6 Sept 2017​.  Full Article

Ocean Rig UDW says Lundin Norway AS has declared third option to extend existing contract of Leiv Eiriksson
Monday, 17 Jul 2017 09:00am EDT 

July 17 (Reuters) - Ocean Rig UDW Inc ::Ocean Rig UDW Inc - Lundin Norway as has declared their third option to extend existing contract of Leiv Eiriksson.Ocean Rig UDW Inc - in addition, co has granted Lundin 2 additional options to drill further wells in future.Ocean Rig UDW Inc - should Lundin exercise its additional seven one-well options, currently un-declared, rig could be employed until Q1 of 2019.  Full Article

Ocean Rig UDW announces decision by Highland Capital Management
Monday, 19 Jun 2017 09:00am EDT 

June 19 (Reuters) - Ocean Rig Udw Inc :Ocean rig udw inc. Announces decision by highland capital management lp not to pursue objections to recognition of cayman proceedings by u.s. Bankruptcy court.Ocean rig udw inc says schemes will affect only financial indebtedness; operations will continue unaffected.Ocean rig udw says ‍creditors holding in excess of 90% of affected claims of each scheme company have signed or acceded to rsa and support schemes​.  Full Article

Ocean RIG UDW says DRH early consent deadline extended to June 14, 2017
Thursday, 1 Jun 2017 07:50am EDT 

June 1 (Reuters) - Ocean RIG UDW Inc ::Ocean RIG UDW Inc says DRH early consent deadline extended to June 14, 2017; support for UDW scheme reaches 94.0%.Ocean RIG UDW - as at may 29, 2017, UDW scheme creditors representing 94.0% by value of UDW scheme indebtedness have signed or acceded to RSA, support UDW scheme.Ocean RIG UDW Inc says hearing in ancillary proceedings in united states under chapter 15 of bankruptcy code adjourned to august 16, 2017.Ocean RIG UDW Inc - as of June 1,2017, creditors holding 81.6 percent by value of DRH senior secured notes have acceded to restructuring agreement.  Full Article

Ocean rig udw inc says launch of schemes of arrangement
Monday, 22 May 2017 06:25pm EDT 

May 22 (Reuters) - Ocean Rig Udw Inc :Ocean Rig UDW says launch of schemes of arrangement.Schemes of arrangement proceedings with respect to co, Drillships Financing Holding, Drillships Ocean Ventures, drill rigs holdings launched.Notifies DRH noteholders deadline for DRH early consent fee available to holders who accede to restructuring agreement is on May 29, 2017.Says schemes will affect only financial indebtedness of scheme companies and their co-borrower and guarantor affiliates.Trade creditors and vendors of scheme companies will continue to be paid in ordinary course of business and will not be affected by schemes.If schemes sanctioned, scheme cos will be substantially deleveraged through exchange of about $3.7 billion principal amount of debt.  Full Article

Ocean RIG UDW Inc agrees with DRH Group to "enhance" recoveries of holders of 6.5 pct senior secured notes due 2017
Thursday, 18 May 2017 09:00am EDT 

May 18 (Reuters) - Ocean RIG UDW Inc :Ocean RIG UDW Inc., announces enhanced Drillrig Holdings Inc ("DRH") scheme terms and agreement with an ad hoc group of noteholders of the 6.5 pct notes issued by DRH to sign up to the amended restructuring support agreement.Ocean RIG UDW Inc - reached agreement with DRH Group to "enhance" recoveries of holders of 6.5 pct senior secured notes due 2017 issued by DRH under DRH scheme.Ocean RIG UDW Inc - deadline for DRH early consent fee extended to 5pm NY time on May 31, 2017 and increased from $2.5 million to $3.0 million.Ocean RIG UDW - under modified scheme, amount of equity in reorganized UDW that will be distributed to holders of DRH notes will be increased from 2.6 pct to 3.6 pct.Ocean RIG UDW Inc - DRH early consent fee will be increased from $2.5 million to $3.0 million.Ocean RIG UDW Inc - terms of DRH scheme have also been modified to provide DRH cash option.Ocean RIG UDW - holders of DRH notes will be provided option to put their DRH scheme shares to members of DRH Group for cash equal to 90 pct of value of DRH scheme shares.  Full Article

BRIEF-Ocean Rig UDW Inc announces the completion of its restructuring

* Ocean Rig UDW Inc announces the completion of its restructuring and the occurrence of the restructuring effective date

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