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Seadrill could be headed out of Chapter 11

A court in Houston approved Seadrill's rehabilitation plan Tuesday, and the company expects to leave its Chapter 11 status behind within 90 days.

Photo: Photo: Seadrill

A judge at a court in US city Houston has approved rig company Seadrill's rescue plan, and the company is now in the process of leaving Chapter 11, according to a notice to the Oslo Stock Exchange. The plan secured almost full support from creditors and shareholders, and it will give Seadrill USD 1.08 billion in fresh capital.

According to Reuters, insolvency judge David Jones overruled two minor protests against the plan at a 90 minute hearing Tuesday. The plan means that Seadrill will extend the maturation date on bank loans totaling more than USD 5 billion and convert USD 2.3 billion in bonds into equity.

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