Seadrill files for Chapter 11 in the US for Asian subsidiaries

Seadrill has filed for Chapter 11 bankruptcy protection in the US for a series of Asian subsidiaries, in an effort to ensure the offshore company's financial restructuring. The company also requests help from authorities to pay employees' wages.

BY TRINE VESTERGAARD, SHIPPINGWATCH

Drilling operator Seadrill must once again face the fact that the offshore market is currently a tough place to operate. To ensure the broader financial restructuring efforts currently underway, the company has filed for Chapter 11 court receivership in the US for a series of Asian subsidiaries.

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Seadrill gets another extension on payments to creditors
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Seadrill's forbearance agreement with creditors expires
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Seadrill company decides not to make interest rate payment
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