Seadrill survives with reorganized capital structure
Drilling contractor Seadrill expects to emerge from the Chapter 11 process during the first half of July.
HAMILTON, Bermuda – Drilling contractor Seadrill expects to emerge from the Chapter 11 process during the first half of July.
In April, the court overseeing the company’s Chapter 11 cases entered an order confirming Seadrill’s plan of reorganization.
The existing ‘Seadrill Limited’ will be wound up and the new company with the reorganized capital structure will assume its name. The board plans to re-list the new company’s common stock on the New York and Oslo Stock Exchanges as before.
Seadrill adds that the plan should result in the equitization of around $2.3 billion in unsecured bond obligations, more than $1 billion in contingent newbuild obligations, substantial unliquidated guaranty obligations, and over $250 million in unsecured interest rate and currency swap claims.