MACCO Restructuring Group Leads Successful Efforts to Captain and Transit Semi-Submersible Oil Drilling Rig Across Gulf of Mexico
MACCO Managing Director David Weinhoffer Acts As Chief Restructuring Officer in Bankruptcy Proceedings for In re: LaForta – Gestão e Investimentos, Sociedade Unipessoal, Lda
HOUSTON, Aug. 30, 2022 (GLOBE NEWSWIRE) — MACCO Restructuring Group, a national, middle-market-focused interim leadership and financial advisory firm, recently announced that MACCO Managing Director David Weinhoffer, serving as Chief Restructuring Officer for LaForta – Gestão e Investimentos, Sociedade Unipessoal, Lda., successfully assumed control of and transited La Muralla IV, a sixth generation, semi-submersible oil drilling rig. La Muralla IV is the primary asset of LaForta, which filed a voluntary petition under chapter 11 in the United States Bankruptcy Court for the Southern District of Texas, Houston Division on June 16, 2022. Under Weinhoffer’s leadership, the massive drilling rig, capable of operating in 10,000 ft of water and drilling to a 35,000 ft depth, has been successfully towed across the Gulf of Mexico from Tampico, Mexico to Freeport, Grand Bahamas.
MACCO, which has extensive restructuring experience in energy, including both onshore and offshore oil and gas exploration and production, was able to ensure the safe transit of the drilling rig. Weinhoffer led the complex international efforts to assume control of the rig and assure its safety and that of its crew despite numerous operational and regulatory challenges. His deep knowledge of seafaring, marine operations, business restructuring and bankruptcy were central to the successful transit.
La Muralla IV is being readied for a marketing and sale process expected to commence in earnest next month. Under the proposed bid procedures, available at https://cases.stretto.com/
LaForta is also advised by Counsel, Rebecca Blake Chaikin, Genevieve M. Graham, and Veronica A. Polnick of Jackson Walker, LLP; Special Corporate Counsel, Jennifer Demarco and Sarah Campbell of Clifford Chance; and Ole’ Aagvaard, Project Manager, of ABW Vessel Management, Ltd. The Backstop Lenders are advised by Counsel, Mark Shinderman, Casey Fleck, and Brian Kinney of Milbank, LLP; Michael Warner and Benjamin Wallen of Pachulski, Stang, Ziehl & Jones, LLP; and Kristen Bodden of Maritime Finance Ltd.
Drew McManigle, Founder and CEO of MACCO said, “David and the MACCO La Forta team working collaboratively with legal counsel, accomplished what initially appeared, almost unachievable. He successfully navigated international troubled waters in order to preserve stakeholder’s value.”
About MACCO
MACCO Restructuring Group, LLC is a national, middle-market focused interim leadership and financial advisory based in Houston with offices in Las Vegas, Denver, Oklahoma City, Wilmington/Philadelphia, and New York City. MACCO’s professionals possess real world business experience and have managed and led companies across a wide array of industries while acting as CEOs, CROs, CFOs, Senior Workout Lenders, and Fiduciaries. For more information, please visit: www.macco.group.
Media Contact:
Annie Graf
KCSA Strategic Communications
MACCO@KCSA.com
Company Contact:
Drew McManigle
drew@macco.group
Cell: (410) 350-1839