Bankruptcy court confirms Seadrill’s reorganization plan

Reorganization plan of offshore driller Seadrill has been confirmed by the U.S. Bankruptcy Court for the Southern District of Texas.

The confirmation of the reorganization plan by the court comes on the back of support by Seadrill’s creditors and shareholders obtained earlier this month.

Seadrill reiterated on Wednesday that the plan has near unanimous support from the company’s stakeholders and emergence from Chapter 11 is expected within the next 60-90 days.

“The plan strengthens our capital structure with $1.08 billion of new capital, extending and re-profiling $5.7 billion of secured bank debt, and converting $2.3 billion of unsecured bonds to equity, while leaving employee, customer, and ordinary trade claims largely unaffected,” the company said.

Seadrill also added that, once implemented, the company will have a strong liquidity position that will enable us to take advantage of a market recovery and to deliver our business plan.

Commenting, Anton Dibowitz, CEO and President of Seadrill Management Ltd., said: “Confirmation of the plan represents a major accomplishment for Seadrill and all our stakeholders. The near unanimous support for the plan we put forward demonstrates the level of backing we have had from all stakeholders. It is also reflects the hard work we have all put in over many months to successfully recapitalize the company.”

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