May 22, 2017 / 10:46 PM / 6 months ago

BRIEF-Ocean rig udw inc says launch of schemes of arrangement

May 22 (Reuters) - Ocean Rig Udw Inc

* Ocean Rig UDW says launch of schemes of arrangement

* Schemes of arrangement proceedings with respect to co, Drillships Financing Holding, Drillships Ocean Ventures, drill rigs holdings launched

* Notifies DRH noteholders deadline for DRH early consent fee available to holders who accede to restructuring agreement is on May 29, 2017

* Says schemes will affect only financial indebtedness of scheme companies and their co-borrower and guarantor affiliates

* Trade creditors and vendors of scheme companies will continue to be paid in ordinary course of business and will not be affected by schemes

* If schemes sanctioned, scheme cos will be substantially deleveraged through exchange of about $3.7 billion principal amount of debt Source text for Eikon: Further company coverage:

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