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

Seadrill Motion to Close Affiliate Cases

0
0

Seadrill filed with the U.S. Bankruptcy Court a motion for entry of a final decree, closing each of the Debtors’ Chapter 11 cases other than that of Debtors Seadrill Limited, North Atlantic Drilling Limited, and Sevan Drilling Limited (the ‘Lead Debtors’). The Debtors request that the Court enter the Final Decree on, or as soon as reasonably practicable after, the Plan Effective Date which is anticipated to occur in the first half of July 2018. If the Final Decree is entered after the Plan effective date, the Debtors request that entry of the Final Decree be deemed effective as of the Plan effective date.

The motion explains, “On April 17, 2018, the Court entered an order [Docket No. 1181] (the ‘Confirmation Order’) confirming the Debtors’ plan of reorganization (the ‘Plan’). The effective date of the Plan (the ‘Plan Effective Date’) is anticipated to occur in the first half of July 2018, at which time the Debtors will have substantially consummated the Plan and emerged from the Cases. The Confirmation Order is final, non-appealable, and not subject to any pending appeal. After the Plan Effective Date, the Debtors will focus on resolving claims and litigating any adversary proceedings. Approximately 1,596 proofs of claim were filed in these Cases, and the Debtors are in the process of reviewing filed claims for potential objections. Based on the results of this review, the Debtors are set to begin filing one or more claims objections as appropriate (the ‘Claims Objections’). The Debtors believe that the bulk of Claim Objections will relate to claims filed in the Lead Cases. Additionally, a number of fee applications for retained professionals are pending in the Cases (the ‘Fee Applications’). Finally, although the Debtors do not anticipate any further contested matters in the Cases, miscellaneous motions, applications, pleadings, objections, or other matters or proceedings may arise from time to time in respect of the Cases, the Debtors, or the Reorganized Debtors (together with the Claims Objections and the Fee Applications, the ‘Remaining Matters’). The Debtors expect that the Remaining Matters will primarily pertain to the Lead Cases. With certain limited exceptions, the Plan provides for reinstatement or payment in full in cash of all claims against the Affiliate Debtors. Although the Debtors expect that certain of the Claims Objections will pertain to claims against the Affiliate Debtors, and certain of the other Remaining Matters may also pertain to the Affiliate Debtors, the Remaining Matters can be administered in the Lead Cases without any substantive impact on any party in interest. Aside from the Remaining Matters (to the extent they pertain to the Affiliate Cases), the Debtors believe there will be no other substantive motions, contested matters, or adversary proceedings to be resolved in the Affiliate Cases after the Plan Effective Date.”

Read more bankruptcy news.

The post Seadrill Motion to Close Affiliate Cases appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images