Seadrill Partners files for Chapter 11 restructuring

john-fredriksen

Seadrill Partners LLC said Tuesday it had filed for Chapter 11 bankruptcy protection as a means to restructure its debt.

“The company intends to use the bankruptcy process to ensure that all customer, vendor and employee obligations are met without interruption and to complete a consensual restructuring of its debt,” Seadrill Partners said.

Seadrill Ltd, which owns 35% of Seadrill Partners, suspended its own interest payments in September after failing to agree amended terms for $5.7 billion of bank debt.

Seadrill Partners LLC said its filing was supported by a group of lenders and will allow the company to stay in operation during court proceedings.

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