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Valaris gets rescue plan approved

Valaris receives the court's approval for its rescue plan. With comprehensive support from both bond holders and banks, the rescue plan means that the crisis-stricken drilling company expects to leave Chapter 11 early in the second quarter.

Photo: POLFOTO/AP/Daniella Beccaria/seattlepi.com

The world's biggest rig company, Valaris, expects to finalize its Chapter 11 process early in the second quarter, after a US bankruptcy court has approved the company's rescue plan, informs the UK-based drilling company in an announcement.

The company furthermore reports of widespread support from its bondholders and banks.

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