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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!