Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Seadrill Settlement Approval Sought

0
0

Seadrill filed with the U.S. Bankruptcy Court a motion for entry of (a) stipulation and agreed order approving a settlement with Samsung Heavy Industries Co and (b) a stipulation and agreed order approving a settlement with Daewoo Shipbuilding & Marine Engineering Co., Ltd.

Under the SHI stipulation and agreed order, “The SHI Contracts shall be deemed rejected as of the date of entry of the order approving the SHI Stipulation and Agreed Order.…Subject only to entry of the Confirmation Order, the Debtors and SHI shall grant mutual releases….The Debtors shall have an exclusive period from February 28, 2018 to May 28, 2018 (the ‘Exclusive Period’) to identify a buyer for the SHI Drillships…SHI shall receive on the Effective Date of the Plan $10 million in cash (the ‘Settlement Payment’)….The order approving the Disclosure Statement (the ‘Disclosure Statement Order’) provided for SHI to have an Allowed General Unsecured Claim against Seadrill Limited for purposes of voting on the Plan, and participation in the Rights Offering procedures in the amount of four hundred sixty-four million dollars ($464,000,000)….The Disclosure Statement Order provided for SHI to have an Allowed General Unsecured Claim against Draco and Dorado (in Class C3 of the Plan), for purposes of voting on the Plan, and participation in the Rights Offering procedures if applicable, in the respective amounts of $233 million against Draco and $231 million against Dorado.” Under the DSME stipulation and agreed order,”The DSME Contracts shall be deemed rejected as of February 28, 2018, and upon approval of the Stipulations by the Court….The Debtors shall have an exclusive period from February 28, 2018 to May 28, 2018 (the ‘Exclusive Period’) to identify a buyer for the DSME Drillships….DSME shall receive on the Effective Date of the Plan $7 million in cash (the ‘Settlement Payment’)….The Disclosure Statement Order provided for DSME to have an Allowed General Unsecured Claim against Seadrill Limited for purposes of voting on the Plan, and participation in the Rights Offering procedures in the amount of $600 million. Upon entry of the Confirmation Order, DSME will receive an Allowed General Unsecured Claim against SDRL for distribution purposes under the Plan and all purposes under these Chapter 11 Cases, in the amount of $600 million….Upon entry of the Confirmation Order, in full and final satisfaction of any and all claims against Aquila and Libra (Class C3 of the Plan), DSME will receive an Allowed General Unsecured Claim against Aquila in the amount of $310 million and against Libra in the amount of $290 million for distribution and voting purposes.”

More Seadrill bankruptcy news.

The post Seadrill Settlement Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images