Seadrill takes big step toward emergence from chapter 11
Oct. 11, 2021
Seadrill has secured unanimous backing for its plan of reorganization from the company’s 12 credit facilities, general unsecured creditors and shareholders.
(Courtesy Seadrill)
The drillship West Tellus.
Offshore staff
LONDON – Seadrill has secured unanimous backing for its plan of reorganization from the company’s 12 credit facilities, general unsecured creditors and shareholders.
In addition, more than 88% of the secured lenders that voted accepted the plan.
Seadrill expects to have its plan confirmed at the confirmation hearing scheduled for Oct. 26, in which case it will target exiting chapter 11 proceedings around 60 days later, subject to conditions including anti-trust approvals.
CFO Grant Creed said: “This has been a long journey to deliver broad support across our creditor constituency, but I am confident that our eventual emergence will place us back at the heart of a sector collectively going through significant re-adjustment and reinforce our position as a market leader.”
