New Board of Directors. On the Closing Date, the board of directors for the Issuer shall be comprised of seven (7) directors consisting of: (a) the chief executive officer of the Company, (b) four (4) directors designated by the members of the Ad Hoc Group and (c) two (2) directors designated by a majority of the holders of Credit Facility Claims.
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Sources: Restructuring Support Agreement (Valaris PLC), Backstop Commitment Agreement (Valaris PLC)
New Board of Directors. On the Closing Date, the board of directors for of the Parent Issuer shall be comprised of seven nine (79) directors consisting of: (ai) the chief executive officer of the Company, Parent Issuer; (bii) four six (46) directors designated by the members of the Ad Hoc Group Guaranteed Group; and (ciii) two (2) directors to be designated by a majority the members of the holders of Credit Facility ClaimsAd Hoc Legacy Group.
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