Seadrill to emerge from chapter 11 in July

John Fredriksen’s Seadrill has announced that it anticipates emerging from the chapter 11 process in the first half of July.
In April, Seadrill’s reorganisation plan was confirmed by the US Bankruptcy Court after the plan was approved by creditors and shareholders earlier in the month.
“Since confirmation of the plan, the company has been preparing to close the plan transactions and satisfy conditions precedent, which will occur on the effective date of the plan anticipated to be in the first half of July 2018,” Seadrill said in a release.
Under the reorganisation plan, the existing Seadrill entity will be wound up and a new company with a reorganised capital structure will assume its name, while the new company’s common stock will be re-listed on both the New York Stock Exchange and the Oslo Stock Exchange in July, shortly after the effective date.
“The plan will result in the equitization of approximately $2.3bn in unsecured bond obligations, more than $1bn in contingent newbuild obligations, substantial unliquidated guaranty obligations, and more than $250m in unsecured interest rate and currency swap claims, while leaving employee, customer, and ordinary trade claims largely unimpaired,” the company said.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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