Chapter 11 Proceedings and Ability to Continue as a Going Concern (Tables)

6 Months Ended

Jun. 30, 2021

The components of reorganization items, net were as follows (in millions):


	Successor		Predecessor
	Two Months Ended June 30, 2021		One Month Ended April 30, 2021		Four Months Ended April 30, 2021


Professional fees	$	5.6	$	45.6	$	93.4
Contract items	(1.5)		—		3.9
Reorganization items (fees)	4.1		45.6		97.3


Contract items	—		—		.5
Backstop premium	—		30.0		30.0
Gain on settlement of liabilities subject to compromise	—		(6,139.0)		(6,139.0)
Issuance of Common Shares for backstop premium	—		29.1		29.1
Issuance of Common Shares to the Shipyard	—		5.4		5.4
Write-off of unrecognized share-based compensation expense	—		16.0		16.0
Impact of newbuild contract amendments	—		350.7		350.7
Loss on fresh start adjustments	—		9,194.6		9,194.6
Reorganization items (non-cash)	—		3,486.8		3,487.3

Total reorganization items, net	$	4.1	$	3,532.4	$	3,584.6

Reorganization items (fees) unpaid	$	2.2	$	12.2	$	38.3
Reorganization items (fees) paid	$	1.9	$	33.4	$	59.0

Liabilities subject to compromise at December 31, 2020 (Predecessor) consisted of the following (in millions):



6.875% Senior notes due 2020	$	122.9
4.70% Senior notes due 2021	100.7
4.875% Senior notes due 2022	620.8
3.00% Exchangeable senior notes due 2024	849.5
4.50% Senior notes due 2024	303.4
4.75% Senior notes due 2024	318.6
8.00% Senior notes due 2024	292.3
5.20% Senior notes due 2025	333.7
7.375% Senior notes due 2025	360.8
7.75% Senior notes due 2026	1,000.0
7.20% Debentures due 2027	112.1
7.875% Senior notes due 2040	300.0
5.40% Senior notes due 2042	400.0
5.75% Senior notes due 2044	1,000.5
5.85% Senior notes due 2044	400.0
Amounts drawn under the Revolving Credit Facility	581.0
Accrued Interest on Senior Notes and Revolving Credit Facility	203.5
Rig holding costs(1)	13.9
Total liabilities subject to compromise	$	7,313.7

(1) Represents the holding costs incurred to maintain VALARIS DS-13 and VALARIS DS-14 in the shipyard.