The US Bankruptcy Court for the Southern District of Texas has confirmed Seadrill’s plan of reorganization.
Offshore staff
HAMILTON, Bermuda – The US Bankruptcy Court for the Southern District of Texas has confirmed Seadrill’s plan of reorganization.
Seadrill says it has near-unanimous support from its stakeholders for the plan and expects to emerge from Chapter 11 within the next 60-90 days.
It involves injecting $1.08 billion of new capital into the company, extending and re-profiling $5.7 billion of secured bank debt, and converting $2.3 billion of unsecured bonds to equity.
Once implemented, the company expects to have a strong liquidity position allowing it to capitalize on the recovery in thedrilling market.
