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Seadrill Bankruptcy Plan Summarized

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BankruptcyData’s detailed analysis and summary of Seadrill’s Second Amended Joint Chapter 11 Plan (as Modified) of Reorganization, dated April 16, 2018, is now available.

The U.S. Bankruptcy Court confirmed the Plan on April 17, 2018; however, an effective date has not yet been issued. BankruptcyData’s detailed Plan Summary notes, “The Plan, as contemplated by Seadrill’s Restructuring Support Agreement, will re-profile the Bank Facility obligations to eliminate near-term amortization obligations and extend maturities; reduce overall leverage through equitizing the Unsecured Bonds, unsecured interest rate and currency swap claims, and other non-assumed lease and contractual obligations; result in a $1.08 billion new capital injection; leave employee, customer, and ordinary trade Claims largely Unimpaired; and reorganize the Seadrill corporate structure to support the re-profiled Bank Facilities and new capital injection. The Debtors believe that the transactions contemplated by the Restructuring Support Agreement are the best available restructuring terms and will allow Seadrill to succeed as a restructured company after emergence from these chapter 11 cases and will afford meaningful runway to allow the market to recover.”

In addition, “The Restructuring Support Agreement further contemplates the Capital Commitment, which will be in the form of a $200 million direct equity investment and a $880 million New Secured Notes investment. In return for the $200 million equity investment, the investors will receive their respective portions of 25% of the new common equity in New Seadrill.”

BankruptcyData subscribers receive access to the full summary, which provides further details on corporate background, events leading to Seadrill’s September 12, 2017 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.

Read more Seadrill bankruptcy news.

The post Seadrill Bankruptcy Plan Summarized appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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