The complex and fiercely contested Ocean Rig cross-border restructuring, effected through Cayman Islands schemes of arrangement, is one of the largest to take place outside of the United States. This cutting edge and successful restructuring of US$3.7 billion of New York law governed indebtedness involved the first ever Cayman Islands schemes of arrangement of foreign incorporated companies and the first use of a Cayman Islands STAR trust in a restructuring.
Maples and Calder along with Daniel Bayfield QC of South Square chambers (who advised the scheme companies) analyse how the Ocean Rig restructuring opens the door for the Cayman Islands as a centre within which to conduct modern, complex cross-border restructurings and in what circumstances a Cayman Islands scheme may be the right restructuring tool to reach for.
This article first appeared in the November 2017 issue of the South Square digest.
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