Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events

A good sort of forum shopping? Ocean Rig and the pre-appointment COMI shift

By Jessica McKay

12 January 2018

When offshore drilling group Ocean Rig restructured US$3.7 billion worth of debt in the Cayman Islands, it marked the first successful pre-appointment centre of main interests shift to the territory, and the first time a Cayman court sanctioned a scheme for a foreign group. Following an exclusive interview with the drilling contractor’s Cayman counsel, Maples and Calder, GRR probes what the case means for the Cayman Islands as a restructuring hub in the face of continuing challenges.

A good sort of forum shopping? Ocean Rig and the pre-appointment COMI shift