US court approves Seadrill's reorganization plan

The financially pressed drilling company Seadrill has had its proposed reorganization plan approved by a US court, and must now gather sufficient support from lenders. The approval could lead to an exit from bankruptcy protection before the end of the year.

Photo: PR/Seadrill

The reorganization plan from hard-pressed drilling company Seadrill has now been approved by a US court in Texas.

According to Seadrill, the approval paves the way for the company to leave Chapter 11 bankruptcy protection in the fourth quarter of this year, informs John Fredriksen-controlled Seadrill in a stock exchange announcement Friday.

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