Valaris Gears up for Possible Debt Restructuring

Offshore oil driller Valaris PLC is exploring debt restructuring options as it grapples with a rig accident and a broader collapse in energy prices, people familiar with the matter said on Friday.

Valaris has tapped debt restructuring attorneys at law firm Kirkland & Ellis LLP for advice on ways to rework its roughly $6.5 billion debt pile, and is exploring enlisting a turnaround firm that specializes in urgently addressing stressed finances to bolster its roster of advisers, the sources said.

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