Maples Drives Largest Ever Cayman Islands Cross Border Restructuring

Maples and Calder advised Ocean Rig UDW and three of its subsidiaries in relation to the complex, cutting edge and successful restructuring of US$3.7 billion of financial indebtedness. Among other innovations, the restructuring involved the first ever Cayman Islands schemes of arrangement of foreign incorporated companies and the first use of a Cayman Islands STAR trust in a restructuring.

Maples and Calder advised on all Cayman Islands and Irish law aspects of the restructuring. The Cayman Islands team was led by Partners Caroline Moran, Sherice Arman and Of Counsel Nick Herrod, with Associates Christian La-Roda Thomas, Grace Boos and Amanda Lazier. Trusts advice was provided by Partner Ray Davern and Associate Alex Way, corporate advice by Partner Suzanne Correy and Associate Daniel Lee and Irish regulatory advice by Partner Nollaig Murphy and Associate Jacqueline Diamond.