Seadrill Limited has announced the voting results for its plan of reorganization (the “Plan”). All voting classes of stakeholders accepted the Plan, including all 12 credit facilities and general unsecured creditors and shareholders. Over 96% of secured lenders voted, and over 88% of secured lenders accepted the Plan.
Based on these results, Seadrill is on track to have its Plan confirmed at the confirmation hearing scheduled for 26 October. If the Plan is confirmed by the Court on that date, Seadrill is targeting exiting chapter 11 proceedings approximately 60 days thereafter, subject to certain customary conditions, including certain antitrust approvals.
Grant Creed, CFO, commented: “The near-unanimous acceptance of the Plan by our lenders is another important step towards Seadrill’s emergence from chapter 11. 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."
Source: Seadrill
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