July 25, 2017 11:00 AM ET

Energy Equipment and Services

Company Overview of P2021 Rig Co.

Company Overview

P2021 Rig Co. offers oil and gas well drilling services. It provides offshore contract drilling services. The company is based in the United States. P2021 Rig Co. operates as a subsidiary of Vantage Drilling Company.

777 Post Oak Boulevard

Suite 610

Houston, TX 77056

United States

Phone:

281-404-4709

Key Executives for P2021 Rig Co.

Chief Financial Officer and Director
Age: 49
Compensation as of Fiscal Year 2017.

P2021 Rig Co. Key Developments

Joint Amended Pre-Packaged Reorganization Plan Approved for Offshore Group Investment Limited

The US Bankruptcy Court approved the joint amended pre-packaged plan of reorganization of Offshore Group Investment Limited on January 15, 2016. The debtor had filed its amended plan in the Court on March 11, 2016. As per the amended plan, Administrative Claims including professional fee claims of $44.43 million, Priority Tax Claims of $25.87 million, Priority Non-Tax Claims, Other Secured Claims of $61.48 million, General Unsecured Claims of $48.04 million and Intercompany Claims of $586.99 million will be paid in full in cash. Revolving Credit Facility Claims of $174.94 million will be paid by issuing debt. Secured Debt Claims of $2544.46 million will have a 50% recovery amounting to $1272.23 million. This claim class will receive 100% of the new common stock of debtor and debt. Subordinated Claims will not receive any distribution. Intercompany Interests will be reinstated. Existing OGIL Interests will be cancelled and will not receive any distribution. The plan will be funded by cash in hand, issuance of new common stock, new secured convertible pik notes, new second lien notes and amended and restated credit facility.

Joint Amended Pre-Packaged Reorganization Plan Filed by Offshore Group Investment Limited

Offshore Group Investment Limited along with its affiliates filed a joint amended joint pre-packaged plan of reorganization with related disclosure statement in the US Bankruptcy Court on January 11, 2016. There are no changes in the treatment of claims. The debtor filed a plan supplement in the US Bankruptcy Court on January 12, 2016. As per the plan supplement filed the interest rate of amended and restated credit facility is 7%. There are no other changes in the treatment of claims.

Joint Pre-Packaged Plan of Reorganization and Disclosure Statement Filed by Offshore Group Investment Limited

Offshore Group Investment Limited along with its affiliates filed a joint pre-packaged plan of reorganization with related disclosure statement in the US Bankruptcy Court on December 3, 2015. As per the plan filed, Administrative Claims including professional fee claims of $44.43 million, Priority Tax Claims of $25.87 million, Priority Non-Tax Claims, Other Secured Claims of $61.48 million, General Unsecured Claims of $48.04 million and Intercompany Claims of $586.99 million will be paid in full in cash. Revolving Credit Facility Claims of $174.94 million will be paid by issuing debt. Secured Debt Claims of $2544.46 million will have a 50% recovery amounting to $1272.23 million. This claim class will receive 100% of the new common stock of debtor and debt. Subordinated Claims will not receive any distribution. Intercompany Interests will be reinstated. Existing OGIL Interests will be cancelled and will not receive any distribution. The plan will be funded by cash in hand, issuance of new common stock, new secured convertible pik notes, new second lien notes and amended and restated credit facility.

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Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

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