Seadrill Says Creditor Can't Force Offshore Oil Rig Auction

Law360 (July 21, 2021, 4:59 PM EDT) -- Offshore oil driller Seadrill Ltd. is asking a Texas bankruptcy judge to reject a creditor's request for standing to put the company's North Atlantic oil rigs up for sale, saying the creditor is attempting to overrule Seadrill's Chapter 11 plans with no legal basis.

In a motion filed Tuesday, Seadrill said the claim by investment firm Strategic Value Partners that it has standing to require the sale of Seadrill North Atlantic Drilling Holdings Ltd.'s assets has no basis in case law. It also argued that this claim is part of a monthslong effort to "undermine" Seadrill's restructuring efforts and push a...

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