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Seadrill Limited Emerges from Chapter 11

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Seadrill Limited announced its emergence from Chapter 11 after completing its reorganization pursuant to its Chapter 11 Plan of Reorganization. According to a press release, “The Plan has equitized approximately $2.4 billion in unsecured bond obligations, more than $1 billion in contingent newbuild obligations, substantial unliquidated guaranty obligations, and $250 million in unsecured interest rate and currency swap claims, while extending near term debt maturities, providing the Company with over $1 billion in fresh capital and leaving employee, customer, and ordinary trade claims largely unimpaired.” “The Company has received approval to list its new common shares …on the New York Stock Exchange (the ‘NYSE’) under the same NYSE ticker symbol ‘SDRL’ as the Company’s existing common shares….” Seadrill and more than 80 affiliated Debtors filed for Chapter 11 in the Southern District of Texas on September 12, 2017 listing 13 creditors with claims of greater than $100 million and total debts of over $11.6 billion.

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