Ocean Rig: Charting a Course Through Chapter 15 Provisional Relief, Recognition, and Appeals

Evan Hollander and Emmanuel Fua co-authored an article for the August 2018 issue of The Review of Banking & Financial Services about the unique issues involved in the recent chapter 15 bankruptcy proceedings of offshore drilling contractor Ocean Rig UDW. The proceedings produced precedent setting rulings regarding the scope of provisional relief available prior to a recognition hearing, the steps necessary to establish a debtor’s COMI prior to the commencement of a foreign proceeding, and the applicability of appellate standing and equitable mootness doctrines to appeals from recognition orders. Evan and Emmanuel, members of the Orrick team that acted as lead counsel to Ocean Rig in the proceedings, discuss these issues and provide useful insights for parties involved in cross-border restructurings.