U.S. court should demand more info on Seadrill restructuring, watchdog says [Reuters]
Seadrill Limited Common Shares (SDRL)
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Source: Reuters
U.S. court should demand more info on Seadrill restructuring, watchdog says | Reuters Reuters Staff 3 Min Read OSLO/CHICAGO (Reuters) - A U.S. court should dismiss the information provided by drilling rig firm Seadrill ( SDRL.OL ) about its restructuring plan as inadequate, a U.S. government bankruptcy watchdog said in a filing on Wednesday. The U.S. Trustee said the bankruptcy court in Texas should reject Seadrill’s so-called “disclosure statement” on its restructuring proposal, a move that would require the Norwegian company to revise its statement and could delay the process. The court, which has to approve the disclosure statement before the plan can be put to a vote by creditors, is due to hold a hearing on Jan. 10. It is not obliged to follow the Trustee’s recommendations. Seadrill, once the largest drilling rig operator by market value, filed for bankruptcy protection in a U.S. court on Sept. 12 after being hit hard by cutbacks in oil company investment following a steep drop
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