A federal judge on Thursday authorized Transocean Ltd., the world’s largest offshore oil-rig contractor, to proceed with a disputed restructuring of up to $2 billion of its $9 billion debt load amid a deeply painful period for deep-water drilling. Judge George B. Daniels of the U.S. District Court in Manhattan declined a request by hedge-fund manager Whitebox Advisors LLC to stop Transocean from completing a proposed debt swap in which investors can tender their bonds at a discount for up to $750 million in new debt.

Source: Wall Street Journal September 04, 2020 00:22 UTC