Seadrill announced that it had successfully completed its reorganisation
Seadrill, the developer of offshore platforms, announced on Monday that it had successfully completed its reorganisation following the bankruptcy procedure launched in September last year. The proceedings were conducted on the basis of the 11th chapter of U.S. law.
The company, once the largest in the world, due to market capitalization, was forced to seek protection from its creditors when it was unable to repay its debts accumulated during the boom years to purchase new drilling rigs.
In order to reduce its debt, the company postponed the maturity of bank loans in the amount of USD 5.7 billion. In addition, it raised more than $1 billion of new capital through the issuance of new covered bonds worth $880 million and $200 million of new capital, in accordance with the plan approved on 17 April.