Seadrill To Defer Debt Payments, Raise $1B Through Ch. 11

Law360, New York (September 13, 2017, 6:45 PM EDT) -- Distressed offshore oil rig operator Seadrill Ltd. filed for bankruptcy on Tuesday with prenegotiated plans to defer $5.7 billion worth of secured debt payments and speedily emerge from Chapter 11 with more than $1 billion in new capital, hoping to position itself for an anticipated market recovery.

Seadrill, which for months has said it could be forced to file a Chapter 11 case in light of maturing debts and a downturn in the offshore drilling business, is looking to restructure more than $8 billion in funded...
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