Seadrill Emerges from Chapter 11

Offshore drilling contractor Seadrill Limited announced Monday it has emerged from chapter 11 after successfully completing its commitments under a plan of reorganization. The restructuring plan, which was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas in April, strengthens Seadrill’s balance sheet by providing over $1 billion of new capital, … [Read more...]

Bankrupt Seadrill Anticipates Emerging from Chapter 11 in July

Bankrupt offshore drilling contractor Seadrill has announced that it anticipates emerge from the chapter 11 process in the first half of July 2018 upon completion of its commitments under a plan of reorganization agreed to by stakeholders. The restructuring plan, which was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas in April, will strengthen … [Read more...]

Seadrill Reaches Joint Restructuring Deal with Creditors

By Nerijus Adomaitis and Tom Hals OSLO/WILMINGTON, Del., Feb 26 (Reuters) - Shipping tycoon John Fredriksen has reached an agreement with a majority of creditors over a restructuring plan for oil rig firm Seadrill Ltd, according to U.S. court documents on Monday. The company, once the world's largest offshore driller by market value, filed for Chapter 11 bankruptcy … [Read more...]

Fredriksen ‘Close’ Seadrill Debt Restructuring Deal

OSLO, Feb 17 (Reuters) - Seadrill's main owner, billionaire John Fredriksen, is close to reaching a final agreement with banks, bondholders and South Korean shipyards on a financial restructuring plan, the drilling rig company said in a court filing. The Oslo and New York-listed firm, once the world's largest offshore driller by market value, filed for Chapter 11 bankruptcy … [Read more...]