Seadrill postpones court hearing on restructuring plan to Feb 26 [Reuters (UK)]
Seadrill Limited Common Shares (SDRL)
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Source: Reuters
Seadrill postpones court hearing on restructuring plan to Feb 26 | Reuters Reuters Staff 2 Min Read LONDON (Reuters) - Drilling rig company Seadrill ( SDRL.OL ) said in a court filing it postponed an initial hearing on its restructuring plan to Feb. 26, buying more time to consider alternative plans. Seadrill, one of the world’s largest offshore drilling rig operators, filed for bankruptcy in September after a steep drop in crude prices caused drastic cutbacks in oil company investment. The company, controlled by Norwegian-born billionaire John Fredriksen, had been working with creditors on a restructuring plan to bring in more than $1 billion in fresh funding, allow it to maintain its fleet of drilling units and pay creditors and staff. It is the third time the company has postponed a hearing on its disclosure statement, which describes the restructuring plan and must be approved by the court before creditors can vote on the plan of reorganization. Tuesday’s bankruptcy court filing
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