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››Seadrill Nods For Ch. 11 Plan To Cut $ 4.9 Billion In Debt

Seadrill Nods For Ch. 11 Plan To Cut $ 4.9 Billion In Debt

By Mark Herras
October 27, 2021
25
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By Dave Simpson (October 26, 2021, 11:22 p.m. EDT) – A Texas bankruptcy judge on Tuesday confirmed offshore oil driller Seadrill Ltd.’s reorganization plan that will reduce its liabilities by $ 4.9 billion and allow it to get out of Chapter 11 bankruptcy proceedings in 60 days, the company said.

U.S. bankruptcy judge David Jones has approved the plan, which raises $ 350 million in new funding and will reduce existing investors’ holdings to 0.25% in the post-emergence entity, the company said. Earlier this month, the plan was approved by stakeholders, the company said.

“With the emergence towards the end of the year, we stand alongside our offshore drilling peers focused on safe and efficient delivery to …

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