Offshore drilling contractor Valaris files for bankruptcy in the U.S.

WALL STREET JOURNAL đź”’| Valaris PLC , a London-based offshore drilling contractor, filed for bankruptcy Wednesday in the U.S. with a proposed $6.5 billion debt-for-equity swap that hands over ownership of most of the company to creditors.

Valaris said the restructuring agreement it has struck with about half of its bondholders will help it eliminate nearly all of its liabilities. The company’s chapter 11 plan must be approved by the U.S. Bankruptcy Court in Houston.

The drilling contractor, which has been hurt by fluctuating prices in the oil market, had been operating under waivers and forbearance with its lenders and bondholders.

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