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Japan Drilling getting reorganised

Court informs JDC that reorganisation plan can go to a creditors' vote

Japan Drilling Company (JDC) said the Tokyo District Court has instructed that JDC's financial reorganisation plan be voted on by creditors.

The privately-owned offshore driller submitted its reorganisation plan to the same court house on 30 August 2019, and was informed on 6 September by the court to refer it to creditors for a written vote by 25 October 2019.

JDC said an outline of its reorganisation plan will be disclosed on its website at a later date.

"We wish to have the Tokyo District Court confirm the reorganisation plan based on the understanding and co-operation of the parties concerned so that we can promptly proceed with payments to the creditors according to the reorganisation plans," said JDC.

JDC reiterated that under a sponsor agreement on 29 March 2019 with Nyctaeus Investors - owned and controlled by Farallon Capital Management and its affiliates - the latter can invest in JDC and a subsidiary.

The reorganisation plan calls for capital contributions from Nyctaeus Investors Japan KK - an affiliated Japanese company of the Farallon Group.

The privately-owned contractor has a fleet of six jack-ups, one semi-submersible and one drillship.

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