Seadrill subsidiary emerges from Chapter 11

Seadrill New Finance comes out of US bankruptcy protection under Chapter 11. The company will be renamed in the near future.

Photo: Seadrill

Seadrill subsidiary Seadrill New Finance emerges from Chapter 11 bankruptcy protection in the US following the United States Bankruptcy Court for the Southern District of Texas’ approval of the company’s restructuring plan earlier this month, the subsidiary informs in an announcement.

The deal means that bondholders behind a 12-percent bond loan due in 2025 get a stake of 65 percent in subsidiary Seadrill New Finance.

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