Seadrill Subsidiaries Hit Ch. 11 In Texas With $3B Of Debt

Law360 (December 1, 2020, 11:31 AM EST) -- A subsidiary of offshore drilling company Seadrill Ltd. filed for Chapter 11 protection Tuesday in Texas, listing more than $3 billion of debt and saying it has the support of its term loan lenders for a debt restructuring.

Seadrill Partners LLC and about 30 affiliates submitted voluntary petitions early Tuesday, and in a statement said negotiations with lenders have been ongoing and that it hopes to complete a balance sheet restructuring with minimal impact on its operations.

"In consultation with — and with the support of — the ad hoc group, the company has filed voluntary petitions under Chapter 11 of...

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