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Paul, Weiss represented Diamond Offshore Drilling, Inc., a Houston-based offshore rig contractor, and its subsidiaries in their successful restructuring and chapter 11 cases. The restructuring significantly reduces the debt on Diamond Offshore’s balance sheet and provides substantial liquidity for the company as a result of the equitization of approximately $2.1 billion in senior unsecured note obligations and the provision of over $625 million of new capital. The company filed for voluntary chapter 11 proceedings on April 26, 2020 in the U.S. Bankruptcy Court for the Southern District of Texas.

The Paul, Weiss team included, among others, restructuring partners Paul Basta and Robert Britton, and counsel Claudia Tobler; litigation partners Jacqueline Rubin and Andrew Gordon; corporate partners Gregory Ezring, Sarah Stasny, Kenneth Schneider, and Robert Zochowski, and counsel Jason Tyler and Frances Mi; executive compensation partner Jean McLoughlinÌý²¹²Ô»å counsel Meghan Fox, Lisa Krausz EisenbergÌý²¹²Ô»å Jacob Glazeski; tax partner Robert Holo; real estate partner Peter Fisch; intellectual property partner Claudine Meredith-Goujon; antitrust counsel Marta Kelly; and environmental counsel William O'Brien.