A Seadrill subsidiary has managed to secure another forbearance agreement, which buys the company a little more time with its creditors.
The deal comes only a few days after the Bermuda-based parent company filed for Chapter 11 receivership in the US. The company has long been strained, and Seadrill has filed for receivership for several subsidiaries along the way before it ultimately filed for Chapter 11 for the parent company.
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