On December 3, 2015, Offshore Group Investment Limited and 23 affiliates filed for relief under chapter 11 of the Bankruptcy Code. The cases are jointly administered under Case Number 15-12422 and presided over by Judge Shannon. The first day hearing was held on December 4, 2015. The second day hearing is scheduled for January 7, 2016 at 10:00 a.m.
A combined hearing to consider compliance with the Bankruptcy Code’s disclosure requirements and any objections thereto and to consider confirmation of the Prepackaged Plan and any objection thereto is currently scheduled for January 14, 2016 at 10:30 a.m.
The majority of the information available about the Debtors comes from the Declaration of Christopher G. DeClaire in Support of the Debtors’ Chapter 11 Petitions and First Day Relief (D.I. 17) (the “Declaration”). The Debtors filed these chapter 11 cases as a prepack, intending to quickly shed a substantial amount of debt and continue their operations.
The Debtors are an international offshore drilling company operating a fleet of modern, high-specification drilling units around the world. The Debtors’ principal business is to contract their drilling units, related equipment, and work crews to drill underwater oil and natural gas wells. Declaration at *3.
On December 1, 2015, the Debtors entered into a Restructuring Support Agreement with holders of (i) approximately 90% of the outstanding principal amount of the Debtors’ secured revolving credit facility and (ii) approximately 59% of the outstanding principal amount of the Debtors’ secured term loans and secured notes. As part of the RSA, the Debtors have agreed to an aggressive schedule for its bankruptcy, culminating in the Combined Hearing on January 14, 2016. Declaration at *5.
This case is going to move fast, so if you have a claim or other grievance, you will need to move quickly. If you want to stay up-to-date on the filings in this case, I’d recommend you keep an eye on the website created by the claims and noticing agent, Prime Clerk. The website contains a complete copy of the bankruptcy docket, free to download and view.