McGuinty Michael 4
4 · Valaris Ltd · Filed May 4, 2021
Insider Transaction Report
Form 4
Valaris LtdVAL
McGuinty Michael
SVP-General Counsel/Secretary
Transactions
- Other
Restricted Share Units
2021-04-30−34,403→ 0 total→ Class A Ordinary Shares (34,403 underlying)
Footnotes (3)
- [F1]On the Effective Date (as defined below), all outstanding restricted share units were cancelled and extinguished in accordance with the Plan (as defined below) approved by the Bankruptcy Court (as defined below).
- [F2]On August 19, 2020, Valaris plc ("Legacy Valaris") and certain of its wholly owned direct and indirect subsidiaries (collectively, the "Debtors") commenced voluntary cases (the "Chapter 11 Cases") under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court"). On March 3, 2021, the Bankruptcy Court entered an order confirming the Debtors' Fourth Amended Joint Chapter 11 Plan of Reorganization pursuant to Chapter 11 of the Bankruptcy Code (as amended, modified or supplemented from time to time, the "Plan").
- [F3]In connection with the Chapter 11 Cases and the Plan, on and prior to the Effective Date (as defined below), the Company effectuated certain restructuring transactions, pursuant to which Valaris Limited, a Bermuda exempted company (the "Issuer") was formed and - through a series of transactions - Legacy Valaris transferred to a subsidiary of the Issuer substantially all of the subsidiaries, and other assets, of Legacy Valaris. On April 30, 2021, the Plan became effective in accordance with its terms and the Issuer emerged from chapter 11.