Seadrill Gets Nod For Ch. 11 Plan That Drops $4.9B Of Debt

By Dave Simpson (October 26, 2021, 11:22 PM EDT) -- A Texas bankruptcy judge on Tuesday confirmed offshore oil driller Seadrill Ltd.'s reorganization plan, which will reduce its liabilities by $4.9 billion and allow it to exit Chapter 11 bankruptcy proceedings in 60 day, the company announced.

U.S. Bankruptcy Judge David Jones approved the plan, which raises $350 million in new financing and will reduce existing investors' holdings to .25% in the post-emergence entity, the company said. Earlier this month, the plan was approved by stakeholders, the company said.

"With emergence around the end of the year, we stand alongside our offshore drilling peers focused on safe and efficient delivery to...

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