Creditors approve amendment to Constellation’s recovery plan

(PN) Constellation reported this week that an amendment to its Judicial Recovery Plan was unanimously approved by its creditors. In a statement, the company stated that the payment conditions and restructuring measures indicated will only come into force after a Confirmation Order issued by the 1st Business Court of Rio de Janeiro, which should happen in the next few days.

“This result confirms an extraordinary level of trust and commitment from all Constellation partners with its resumption and allows for the full engagement in the achievement and execution of new commercial opportunities,” the drilling company wrote in a statement to the market.

One of the points presented in the plan is the contracting of a new loan, in the amount of US$ 60 million, with a term of three years from the date of disbursement. Constellation, formerly Queiroz Galvão Óleo e Gás (QGOG), has been in judicial reorganization since mid-2019, when the plan was approved and ratified by the 1st Business Court of Rio de Janeiro of the Court of Justice.

The company operates eight offshore drilling rigs, two of which are anchored semi-submersibles for operation in water depths of up to 1,100 meters, three with dynamic positioning for operation in water depths of up to 2,700 meters and three drillships for operation in water depths of up 3,000 meters.

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