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Would the lenders have recourse directly to the shareholders of AOD, or just limited to the SPV holding the rig?

April 26, 2017AOD directly holding lenders limited recourse rig Shareholders SPV

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Would the lenders have recourse directly to the shareholders of AOD, or just limited to the SPV holding the rig?

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AOD as the SPV is set up as a limited liability company. Hence recourse will be limited to pledged assets (in this case the rigs) and registered capital of the SPV. Debt financing will be on a project finance basis.