Seadrill gets U.S. court approval for bankruptcy exit plan [Reuters]
Seadrill Limited Common Shares (SDRL)
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Source: Reuters
Seadrill gets U.S. court approval for bankruptcy exit plan | Reuters 3 Min Read WILMINGTON, Del., April 17 (Reuters) - A U.S. judge said on Tuesday he would approve Seadrill Ltd’s plan to exit its Chapter 11 bankruptcy, in which the global offshore oil and gas drilling company would shed billions of dollars of debt and raise $1 billion in new investment. U.S. Bankruptcy Judge David Jones in Houston overruled two minor objections to the reorganization plan during a 90-minute hearing. The plan extends maturities on more than $5 billion of bank loans and converts about $2.3 billion in bond debt into equity in a reorganized Seadrill. In addition, the plan will raise about $1 billion in new debt and equity through a rights offering led by Seadrill’s largest shareholder, John Fredriksen, and investment firm Centerbridge Credit Partners LP. “The company will have a tremendous competitive advantage with the new balance sheet,” said Spencer Winters, a lawyer for Seadrill with the Kirkland & El
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