Seadrill Files for Chapter 11 Bankruptcy Protection in Texas

13 Sep 2017   Offshore

Seadrill Ltd ., one of the world’s largest offshore drilling companies, has filed for Chapter 11 bankruptcy protection at the Southern District Texas court as part of a plan to restructure roughly $10 billion in debt, it said Wednesday. The Bermuda-based company is controlled by Norwegian shipping magnate John Fredriksen and operates a fleet of 68 rigs and drillships for customers including Total SA, TOT Petrobras Brasileiro SA and Exxon Mobil Corp. The company said 97% of its bank lenders, 40% of bondholders and a group of investors led by Hemen Holding Ltd., its biggest holder—also controlled by Mr. Fredriksen—had approved the restructuring plan. The creditors have agreed to postpone the repayment of $5.7 billion in secured loans for five years, with $2.3 million in unsecured bonds to be converted into a 15% […]

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