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Seadrill making headway exiting Chapter 11

Rig Lynx
  • By Rig Lynx
  • Sep 06, 2021
  • Category : Archives
  • Views : 475

 

Seadrill has announced the United States Bankruptcy Court for the Southern District of Texas has approved the disclosure statement for the Company’s proposed plan of reorganization, paving the way for the Company's emergence from Chapter 11 in Q4 2021.  

 

The Court authorized the Company to distribute the Disclosure Statement and solicit votes from all lenders on the Plan.  The Court also set a hearing to consider approval of the Plan for October 26, 2021.

 

The Plan provides a clear pathway for Seadrill to restructure its balance sheet with the Company having already secured support from the majority of its senior secured lenders.

 

The Company’s motion to approve the backstop commitment letter has been deferred until a later hearing.

 

Grant Creed, CFO, commented: 

 

'We are pleased with these developments, which put us firmly on track for Chapter 11 emergence.  The Court approved our timeline for approval of the restructuring and authorized us to solicit lender votes. This will pave the way for a significant balance sheet deleveraging.'

 

Source: Seadrill 

 

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