Maples and Calder advised Ocean Rig UDW and three of its subsidiaries in relation to the complex, cutting edge and successful restructuring of US$3.7 billion of financial indebtedness. Among other innovations, the restructuring 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 advised on all Cayman Islands and Irish law aspects of the restructuring. The Cayman Islands team was led by Partners Caroline Moran, Sherice Arman and Of Counsel Nick Herrod, with Associates Christian La-Roda Thomas, Grace Boos and Amanda Lazier. Trusts advice was provided by Partner Ray Davern and Associate Alex Way, corporate advice by Partner Suzanne Correy and Associate Daniel Lee and Irish regulatory advice by Partner Nollaig Murphy and Associate Jacqueline Diamond.

Accounting support services were provided by MaplesFS to a Cayman Islands subsidiary specifically incorporated by Maples and Calder for purposes connected to the restructuring.

"We are pleased to have played the leading role in this monumental and ground-breaking Cayman Islands restructuring. The complex cross border nature of the deal highlights the unparalleled strength and expertise of our global team and the seamless legal and support services we can provide our clients," commented Partner and global head of Maples and Calder's Litigation and Insolvency practice Aristos Galatopoulos.

Further details on the decision can be found here.

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