Valaris Limited (VAL) Options

https://www.rigzone.com/news/valaris_looks_forward_to_soon_emerging_from_chapter_11-29-apr-2021-165294-article/

VALPQ BK PLAN effective. All shares cancelled. Holders of record will receive 1 new Warrant for every 36.3669259 Ordinary shares held.

https://otce.finra.org/otce/dailyList?viewType=Deletions

Hello everyone, PR out, things are moving here
https://www.prnewswire.com/news-releases/valaris-plc-announces-amended-restructuring-support-agreement-and-backstop-commitment-agreement-301223653.html

?

Short Squeeze

Is this chapter 11? Are shares restored or?

Valpq chart looking GOOD...... 9SMA about to breach 21SMA, and Macd is increasing............. Maybe some good news on the horizon..........


https://schrts.co/STJDdDTK

EXPLORATORY Offshore Drilling off Bahamas.......................


https://www.msn.com/en-us/news/us/oil-drilling-150-miles-off-florida-s-coast-prompts-dire-warning-from-members-of-congress/ar-BB1c9kWC?ocid=uxbndlbing

Will the commons survive?

Grabbed some .08's. They likely only have 4-5m left.

Luminous had 28 million shares to sell on Monday of this week over an 8 buisness day period, which ends this coming Wednesday. They still had approximately 18million shares left to sell after selling 10M on the 26th & 27th....likely sold around 5m yesterday.(filing will probably hit beginning of next week). So they likely have 10-11m left to unload. BK stocks almost always drop to 10% of its BK announcement trading price, which was .33. Interesting to see what happens seeing that all commons will be wiped out. JMO & GL

Trade Date Shares Purchased (Sold) Price Per Share ($) Price Range ($)
08/26/2020
(3,150,000) 0.12 0.1135-0.1288
08/27/2020
(6,770,492) 0.08 0.076-0.100

CRAP

Mr 420 Man... thanks.. I have put the link below and also NOTE an 8-k out today also ...
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Interesting... on Watch for now
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https://www.otcmarkets.com/stock/VALPQ/disclosure

Be careful here... Yesterday's court order allows Lluminous to sell its stock (28M shares) over the next 8 buisness days without filing or approval. News is above. JMO

If this breaks .235 I’m in

VALPQ... folks are starting to understand ... this has wheels to move in all four gears forward now.

.25+ today.. let the flippers flip and chase and the shorts cover.. breakout coming

SQUEEZE 'EM PLEAAASSEEEEE>>>>

Nice analysis

Agreed..and I appreciate your reply. May retail recover abundantly!

Mr 420
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agreed... that is why the VALPQ is around .. similar to BTRX* who is
going through BK.
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TIME will tell
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GLTA

After restructuring, the company usually issues new stock, making the pre-reorganization stock worthless. In some cases, holders of the old stock are allowed to exchange their securities for a discounted amount of the new stock, which is dictated by the plan of reorganization.

No one knows what will unfold, but you now have less shorts to cover and flippers likely taking profits.. I say it pops and drops..or drops to .12's and then moves up slowly over the week. JMO & GL

Remember the OLD Company is in BK
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The new company VALPQ is a different story
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https://www.newsbreak.com/news/2046119788167/q-stock-valaris-plc-otcmkts-valpq-hits-the-otcbb-with-a-bang

checking in on the Pacer info for court proceedings...
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a. this is a restructure so far
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b. They have major contracts for supply
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c. Agreed on Oil comments due to Covid , but in reality the system in on the upswing currently for OIL (not anywhere close but upswing to where it
was pre covid.
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d. They will have to publish their plan and then it will be interesting to see the specific language.
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e. It will not be overnight and one thing for sure it is/has bottom'd it appears and stocks in BK have a trend to go up during this process.
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Keeping tabs , but will take a position.
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Another one is similar Bio Restorative and they have AUCTUS a Large Hedge Fund supporting them through their BK process to 're-emerge". One can go to that Board in IHUB , some folks have done a lot of true DD there.
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Friday's trade was good because they halted the stock early in the week @.33 with 66 million short. It was bound to cause some covering once it reopened trading @.10's. Id be Leary of trading it now----->

What is good news for the bondholders, however, is terrible news for the shareholders. Under Valaris's restructuring plan, current stock will be wiped out, and the best shareholders can hope for is warrants for future stock. The company is still in talks with its more stubborn bondholders on the agreement. Meanwhile, some of its more generous creditors have agreed to provide it with $500 million in cash to fund the restructuring.

Valaris was the result of a tie-up between Ensco and Rowan Companies that was only finalized last year. Its biggest shareholders are asset managers, including Luminus Management, BlackRock, and Vanguard Group.

The offshore drilling industry has been pummeled hard by the pandemic and the oil price crash. Many analysts see a lot more bankruptcies down the road as most companies in the field are heavily leveraged, and demand for offshore drilling is extremely tight as E&Ps go into survival mode, cutting or postponing all non-essential expenses, including costly offshore drilling. JMO

What about that bankruptcy filing? Do you think they will rise from it?

I will be taking a good position on Monday ... This company is the LARGEST off shore company in the world
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Revenues in Billions
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not going anywhere... just restructure is all good here.

Out .185 from .11

VALPQ, great run today. Bought tons at $0.10, now 70% gains, just in 1 Day!!!!

VALPQ...took 100,000 shares @0.122 today morning....Hoping for a short term reversal to 40cts or thereabout>>>>

This is Valaris not Valspar.. someone needs to fix the name.. I am an employee and even though bankruptcy was filed I promise a lot of and I mean a lot or price saving actions are already underway that will save many many millions! This is a heck of a bargain price to buy now

Yeah, this doesn't bode well....

If holders of equity interests vote as a class in support of the Restructuring, they will each receive their pro rata share of (i) up to 0.01% of the New Equity and (ii) 7-year warrants to purchase up to 7% of such New Equity (subject to dilution), with a strike price set at a price per share equal to the value at which the Senior Noteholders would receive a 100% recovery on their claims including accrued interest up to the filing, as applicable.

That's very little equity, 1/100th of 1%, better than nothing, I guess, but not nearly any sort of "recovery."

VAL changed to VALPQ, bankruptcy. Delisted from the NYSE to the OTC:

https://otce.finra.org/otce/dailyList?viewType=Additions

BK news was released today. Info is above.

There's a huge short position, but I'd say most won't cover----> The company's plan swaps its revolving loan and unsecured bonds into equity in a reorganized company. Existing shares will be wiped out and shareholders could receive warrants for future equity. The company will pay trade claims in full in cash, Valaris said.

Source for filing ch 11

As expected--- SAD

Valaris Plc (VAL) - Halted For Trading - 17th August

1 day ago Updated
Valaris Plc (VAL) intends to file bankruptcy and has been halted for trading at the moment. More information regarding the halt will be available soon.

The stock was halted on Monday, and NYSE said it has started delisting proceedings, though the company said it believes that its shares will continue to trade through the process.

Trading Haulted? That can't be good..

Active short. BK imminent

What's the story here? Why has this stock made such a dive?

If only I had a crystal ball.

well last time run from .35 to 2.76 dollars quickly expecting again.. monster short squeeze is on the way

Not shorting.. Just watching for the inevitable. GL

Then why aren't they paying the % payment?

VAL has approximately $224.5 million in cash, in addition to available borrowing capacity under its revolving credit facilit as of July 31, 2020
https://www.otcmarkets.com/filing/html?id=14305690&guid=pHpFUa87g1wuBth

VAL fully loading again at .38

The company recently missed $58.5 million in interest payments on a total of $2.1 billion in bonds. It also said there is "substantial uncertainty" over whether it will meet a $79.2 million interest payment in mid-August, along with $122.9 million outstanding principal on a tranche of bonds due around then.

VAL~ Joint Venture With Saudi Aramco Orders First Newbuilds

https://seekingalpha.com/article/4318263-valaris-finally-joint-venture-saudi-aramco-orders-first-newbuilds

what a bs speculation baseless

Game plan---> announce imminent BK, then drop news to pop the stock before official BK announcement so stock doesn't enter single digits upon announcement....classic!