Valaris nears a solution after reaching agreement with several creditors

Drilling company Valaris has reached agreement with several creditors regarding amendments to a potential rescue plan and is thus one step closer to an actual solutions after being under bankruptcy protection for months.

Photo: Colourbox

UK drilling company Valaris is one step closer to resolving the company's Chapter 11 process after reaching agreement with a series of creditors about amendments to what will eventually become a final solution, the company informs in a press release.

"This agreement brings us a step closer to creating a capital structure to endure the current market environment and enhance our position as business conditions improve," Valaris Chief Executive Tom Burke writes in the statement.

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