(Reuters) - Valaris on Thursday obtained bankruptcy court approval to solicit votes from creditors for its modified reorganization plan, which includes a settlement that brings in key support from bank lenders.

U.S. Bankruptcy Judge Marvin Isgur in Houston, Texas, signed off on the offshore driller's request to re-solicit creditors at the conclusion of a remote hearing. The company, represented by Kirkland & Ellis, was initially set to present its reorganization plan for approval on Thursday but kicked that to March 3 after reaching the lender deal.

Valaris filed for bankruptcy in August with nearly $8 billion in debt in the aftermath of a rig accident and falling oil prices.

The restructuring still rests on a rights offering of $500 million in new secured debt. Under the updated plan, lenders that had previously opposed the restructuring proposal may choose to participate in the rights offering, in addition to a mix of cash and equity in the reorganized company.

Noteholders will take 39% of the equity and 97.6% of the subscription rights to the rights offering. General unsecured creditors will still be left unimpaired under the plan.

Creditors entitled to vote on the plan must return their ballots so they are received by March 1.

The case is In re Valaris PLC, U.S. Bankruptcy Court, Southern District of Texas, No. 20-34114.

For Valaris: Jeffrey Zeiger, Anup Sathy, Ross Kwasteniet and Spencer Winters of Kirkland & Ellis, and Matthew Cavenaugh, Kristhy Peguero and Genevieve Graham of Jackson Walker

For the lenders: Lauren Randle, Fredric Sosnick, Daniel Laguardia, Ned Schodek and Grace Lee of Shearman & Sterling