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BRIEF-Ocean RIG UDW Inc agrees with DRH Group to "enhance" recoveries of holders of 6.5 pct senior secured notes due 2017
May 18, 2017 / 1:19 PM / 2 months ago

BRIEF-Ocean RIG UDW Inc agrees with DRH Group to "enhance" recoveries of holders of 6.5 pct senior secured notes due 2017

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May 18 (Reuters) - Ocean RIG UDW Inc

* Ocean RIG UDW Inc., announces enhanced Drillrig Holdings Inc ("DRH") scheme terms and agreement with an ad hoc group of noteholders of the 6.5 pct notes issued by DRH to sign up to the amended restructuring support agreement

* Ocean RIG UDW Inc - reached agreement with DRH Group to "enhance" recoveries of holders of 6.5 pct senior secured notes due 2017 issued by DRH under DRH scheme

* Ocean RIG UDW Inc - deadline for DRH early consent fee extended to 5pm NY time on May 31, 2017 and increased from $2.5 million to $3.0 million

* Ocean RIG UDW - under modified scheme, amount of equity in reorganized UDW that will be distributed to holders of DRH notes will be increased from 2.6 pct to 3.6 pct

* Ocean RIG UDW Inc - DRH early consent fee will be increased from $2.5 million to $3.0 million

* Ocean RIG UDW Inc - terms of DRH scheme have also been modified to provide DRH cash option

* Ocean RIG UDW - holders of DRH notes will be provided option to put their DRH scheme shares to members of DRH Group for cash equal to 90 pct of value of DRH scheme shares Source text for Eikon: Further company coverage:

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