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A unit of offshore driller Seadrill Ltd yesterday filed a fast-tracked reorganization plan in Houston bankruptcy court, where it expects to seek approval of the proposal today, Reuters reported. The case comes just a few months after its parent entity emerged from its own bankruptcy proceeding. That reorganization plan is scheduled to go into effect early this year. Seadrill New Finance Ltd’s chapter 11 case is intended to be the “final component” of the entire Seadrill Group’s restructuring efforts, according to a declaration from financial controller Tyson de Souza.
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Bermuda-based offshore drilling company Seadrill Limited has announced that a new, independent, seven-member board of directors will assume leadership of the new parent company of the Seadrill group upon emergence from chapter 11, the Royal Gazette reported. The company said that it received confirmation of its plan of reorganisation on October 26 and is targeting emergence early in 2022. Julie Johnson Robertson is chairwoman of the board, and Mark McCollum will chair the audit committee.
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Offshore driller Seadrill Ltd on Tuesday obtained court approval for its reorganization plan, clearing the way for it to emerge from bankruptcy, Reuters reported. Offshore driller Seadrill Ltd yesterday obtained court approval for its reorganization plan, clearing the way for it to emerge from bankruptcy. U.S. Bankruptcy Judge David Jones in Houston signed off on the plan during a virtual hearing. Under the plan, creditors will exchange $4.9 billion in debt for equity in the company. Seadrill will also raise $350 million in new financing.
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This weekend, Seadrill, the John Fredriksen-controlled rig operator announced that a forbearance agreement with a series of creditors expired on Friday, Shipping Watch reported. The forbearance agreement was announced by Seadrill just before New Year. The deal was entered with a series of creditors and applied to 9 of the group's 12 senior secured facilities, said that the company at the time. The expiration of the deal means that Seadrill could now be facing default claims from creditors if the company fails to make interest payments, according to the latest update.
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Offshore drilling rig contractor Seadrill said on Monday it has proposed to creditors to turn over its stakes in oil services firms Archer and Seadrill Seabras to redeem its outstanding secured notes, Reuters reported. The company controlled by Norwegian-born billionaire John Fredriksen has been in talks with creditors since the end of last year over new debt restructuring. Seadrill said it was approached by a group of noteholders in May about a potential deal, and it responded on Aug.
Offshore drilling rig contractor Seadrill’s ongoing attempt to restructure its massive debt could leave current shareholders with minimal or no ownership at all, the Oslo-listed company warned on Tuesday, Reuters reported. Demand for exploration and drilling has fallen further during the COVID-19 pandemic as oil firms seek to preserve cash, idling more rigs and leading to further overcapacity in the industry. Seadrill, controlled by Norwegian-born tycoon John Fredriksen, said it has failed to convince its 43 lenders to adjust the terms of its $5.7 billion bank debt.