Viking Drilling Files Plan of Liquidation
On September 29, 2009, Viking Drilling ASA and its subsidiaries ( The "Companies") filed their Joint Non-Consolidating Chapter 11 Plan of Liquidation in their respective bankruptcy cases pending in Houston, Texas. The Plan provides for each Company to transfer its assets to a Liquidating Trust for future sale and distribution to creditors. Pursuant to local law, each of the respective Companies will be dissolved and such final reports filed as required by the law of incorporation of each Company. Viking Drilling's management is working with Norwegian counsel to ensure full compliance with Norway's Public Limited Companies Act.
Based on current valuations of the rigs, equipment and other assets, it is anticipated that there will not be sufficient funds to pay all creditors of the Companies in full. Viking Drilling's shareholders will not receive or retain anything on account of their shares in Viking Drilling.
- Viking Drilling Files Plan of Liquidation (Sep 30)
- LOI Canceled for Proposed Buyer of SS Viking Century (Nov 06)
- Viking Drilling Postpones Planned Auction for 3 Rigs (Nov 05)