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Ocean Rig UDW, Inc. Unable to Extend Confidentiality Agreement with Investors, Prompting Disclosure of Information on Restructuring Negotiations





DALLAS, March 17, 2017 /PRNewswire/ — Highland Capital Management, L.P. (“Highland”), acting on behalf of its funds and managed accounts holding investments in Ocean Rig UDW, Inc. and certain of its subsidiaries (collectively, “Ocean Rig” or “Company”), and acting in furtherance of fiduciary duties owed by Highland to its managed and advised funds, has held discussions with representatives of Ocean Rig’s management team, including Ocean Rig’s CEO, Mr. George Economou, and Ocean Rig’s CFO, Mr. Anthony Kandylidis, concerning Ocean Rig’s liquidity issues.

In connection with these discussions, Highland and Ocean Rig met in New York on January 31, 2017, during which meeting Ocean Rig’s management disclosed to Highland that the Company is contemplating a drastic restructuring, and management also committed to provide Highland with additional information concerning the proposed restructuring. At management’s request, and in order to facilitate the exchange of information, Highland entered into a Confidentiality Agreement with Ocean Rig, dated January 31, 2017 (the “Confidentiality Agreement”).  Following the execution of the Confidentiality Agreement, Ocean Rig and Highland (and their respective representatives) also held several teleconferences in connection with restructuring negotiations, including but not limited to a teleconference on February 24, 2017. 

Since the execution of the Confidentiality Agreement and prior to its termination, Ocean Rig provided only minimal information to Highland.  Nevertheless, as expressly provided by the terms of the Confidentiality Agreement, Highland hereby discloses the following information:

Ultimately, Ocean Rig and Highland were unable to agree on an extension to the Confidentiality Agreement, which is now terminated.  Should Ocean Rig provide Highland with the information necessary to commence meaningful restructuring negotiations under reasonable terms, Highland and its professionals remain willing and able to commence such negotiations. 

CONTACT: Lucy Bannon, 972-419-6272, lbannon@highlandcapital.com

 

SOURCE Highland Capital Management





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