Seadrill Says Fee Dispute With Parent Sparked Ch. 11

Law360 (December 4, 2020, 7:46 PM EST) -- Offshore drilling rig operator Seadrill Partners LLP on Friday told a Texas bankruptcy judge that it ended out-of-court restructuring talks over its $2.7 billion debt and filed for Chapter 11 after its parent company swept one of its bank accounts to pay disputed management fees.

At a remote hearing for Seadrill Partners' first-day Chapter 11 motions, the company said the filing was intended to stop its parent company from seizing more cash to pay the disputed fees, leading U.S. Bankruptcy Judge David Jones to caution the parties not to let the argument over the tens of millions of dollars in fees...

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