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BRIEF-Ocean Rig UDW Inc announces the completion of its restructuring
September 22, 2017 / 11:53 AM / 3 months ago

BRIEF-Ocean Rig UDW Inc announces the completion of its restructuring

Sept 22 (Reuters) - Ocean Rig UDW Inc

* Ocean Rig UDW Inc announces the completion of its restructuring and the occurrence of the restructuring effective date

* Ocean Rig UDW Inc - ‍company’s amended and restated rights agreement terminated​

* Ocean Rig UDW - ‍total cash of at least $690 million, including about $20 million restricted cash associated with Ocean Rig Apollo estimated as of September 30​

* Ocean Rig UDW Inc - ‍ estimated as of September 30, 2017, debt of about $567 million, including about $117 million associated with Ocean Rig Apollo​

* Ocean Rig UDW Inc - backlog of about $1.2 billion, including about $109 million in termination fees associated with Ocean Rig Apollo, estimated as of Sept 30

* Ocean Rig UDW Inc - ‍co may terminate management services agreement at any time, subject to payment of $30 million; convenience termination fee​

* Ocean Rig UDW - may terminate TMS deal subject to payment of termination fee of over $150 million that shall be reduced ratably on daily basis over term Source text for Eikon: Further company coverage:

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