RESEARCH: Seadrill files for Chapter 11 - Distressed Debt Report

20 September 2017
Seadrill, the Norwegian oil driller, filed for bankruptcy in the Southern District of Texas on 12 September 2017 as had been expected. The plan proposes extending secured bank debt, raising USD 1.06bn of new capital through the issue of new secured notes and equity and reorganising Seadrill’s corporate structure.

While the plan was largely as expected, a limited amount of equity is to be allocated to unsecured bondholders whose USD 2.3bn of claims will be fully equitised in exchange for 15% of the pre-dilution equity. Seadrill had the backing of 40% of bondholders on filing. As reported by Debtwire alternative groups are forming to oppose the plan. Seadrill intends to fund  itself through bankruptcy with its available cash which stood at USD 1.35bn at 2Q17.

CLICK HERE to access Debtwire's Seadrill Distressed Debt Report
CLICK HERE to access the financials in Excel