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- Seadrill is working to build support for the plan in the coming weeks
- 58% of senior lenders support the restructuring proposal
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Offshore driller Seadrill Ltd has requested an additional four months to maintain control of its bankruptcy proceedings, saying it is still working to get as much support as possible for its proposed reorganization plan.
The company, represented by Kirkland & Ellis, made its request in a movement filed Tuesday, weeks before Seadrill presented its proposed plan for approval to U.S. bankruptcy judge David Jones in Houston. The plan aims to reduce the company’s $ 5.6 billion debt by $ 4.9 billion and raise $ 350 million in new financing. Senior lenders will take over most of Seadrill’s equity.
The company has 58% of its senior loan holders on board with its proposal. The company said in Tuesday’s filing that it “is still working to gain acceptance from all voting classes” for its plan and that an extension of its exclusive period for filing a plan is essential to ensure that confirmation of his plan and the exit from bankruptcy are proceeding smoothly. .
Seadrill has faced opposition to its reorganization efforts since the start of the Chapter 11 affair, which began in February, from a group of lenders who argue that a sale is a better option for maximizing value. of the company. Seadrill said in Tuesday’s filing that he would “work constructively with opponents of the plan to resolve any remaining outstanding issues.”
The case is In re Seadrill Ltd, US Bankruptcy Court, Southern District of Texas, No. 21-30427.
For Seadrill: Anup Sathy, Ross Kwasteniet, Brad Weiland, Spencer Winters and Christopher Marcus of Kirkland & Ellis; and Matthew Cavenaugh, Jennifer Wertz, Vienna Anaya and Victoria Argeroplos of Jackson Walker