Whitebox Relative Value Partners, LP et al v. Transocean Ltd. et al, No. 1:2020cv07143 - Document 60 (S.D.N.Y. 2020)

Court Description: MEMORANDUM DECISION AND ORDER granting 24 Motion for Summary Judgment; denying 38 Motion for Summary Judgment: Transocean's motion for summary judgment, (ECF No. 24), is GRANTED. Whitebox's cross-motion for summary judgment, (ECF No. 38), is DENIED. Declaratory judgment is entered in favor of Transocean. The internal reorganization executed in connection with the Exchange Offer did not violate Section 11.03 of the Indenture. Accordingly, the purported events of default described in the Notice do not, in fact, constitute an actual default under the Indenture, and any associated rights or remedies for White box, including acceleration of the 2027 Existing Notes, are unavailable. The Clerk of Court is directed to close the motions accordingly. (Signed by Judge George B. Daniels on 12/16/2020) (jwh) Transmission to Orders and Judgments Clerk for processing.