Wednesday, February 1, 2023
spot_img
HomeFinance & EconomySeadrill Stakeholders Vote to Accept Reorganization Plan

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Seadrill Stakeholders Vote to Accept Reorganization Plan

Seadrill has announced the voting results for its plan of reorganisation. All voting classes of stakeholders accepted the Plan, including all 12 credit facilities and general unsecured creditors and shareholders.  Over 96% of secured lenders voted, and over 88% of secured lenders accepted the Plan.

The following is a summary of the results by class:

Plan Class

Name

Percentage Accepting(By Dollar Amount)[1]

4A

AOD Credit Agreement Claims

100%[2]

4B

$450MM Eminence Credit Agreement Claims

100%

4C

NADL Credit Agreement Claims

86.89%

4D

$1.35B Credit Agreement Claims

93.70%

4E

$950MM Credit Agreement Claims

100%

4F

ECA Credit Agreement Claims

100%

4G

$1.5B Credit Agreement Claims

100%

4H

$1.75B Credit Agreement Claims

71.81%

4I

$450MM Nordea Credit Agreement Claims

100%

4J

$300MM Credit Agreement Claims

100%

4K

$440MM Credit Agreement Claims

100%

4L

$400MM Credit Agreement Claims

100%

6

General Unsecured Claims

91.68%

9

Equity Interests in Seadrill Limited

85.72%[3]

[1] Reflects percentage accepting of those voting, by dollar amount of claims, except where otherwise noted. Each
voting class also accepted the Plan based on number of creditors voting.

[2] AOD Credit Agreement Claims were unimpaired and accordingly deemed to accept the Plan.

[3] Reflects percentage accepting of those voting by number of shares.  As a result of all voting classes of creditors
accepting the Plan, existing shareholders are contemplated to receive a recovery of 0.25% of the new equity, subject to dilution.

Based on these results, Seadrill is on track to have its Plan confirmed at the confirmation hearing scheduled for 26 October. If the Plan is confirmed by the Court on that date, Seadrill is targeting exiting chapter 11 proceedings approximately 60 days thereafter, subject to certain customary conditions, including certain antitrust approvals.

Grant Creed, CFO, commented: “The near-unanimous acceptance of the Plan by our lenders is another important step towards Seadrill’s emergence from chapter 11. This has been a long journey to deliver broad support across our creditor constituency, but I am confident that our eventual emergence will place us back at the heart of a sector collectively going through significant re-adjustment and reinforce our position as a market leader.”

The deadline for creditors to have submitted votes on the Plan was 7 October. The results are subject to ongoing review by Prime Clerk, Seadrill’s balloting agent, and remain subject to change.  Prime Clerk will file a report certifying the final voting results to the United States Bankruptcy Court for the Southern District of Texas (the “Court”) by 22 October.

Shareholders are reminded that under the Plan of Reorganisation their holding in the post emergence entity will drop to 0.25 percent.

Related Posts

Video

Finance & Economy
Shipping News
Ports

Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

Hapag-Lloyd achieves extraordinarily strong result in its anniversary year 2022

On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary –...

Bahri sees profits soar in 2022

Saudi Arabia’s Bahri has seen its profits soar by over 400% in 2022 following a boom in tanker rates, boosting the shipping giant’s oil...

Euronav Files Second Arbitration Against Frontline

Euronav NV hereby informs its shareholders that on 28 January 2023 it has filed an application request for arbitration on the merits in relation...

Oaktree looking at block sale of existing shares in Hafnia Limited

OCM Luxembourg Chemical Tankers S.à r.l. which is ultimately controlled by funds managed by Oaktree Capital Management L.P. (the "Seller") has retained Fearnley Securities,...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

Cyprus shipping making waves – report

Cyprus shipping, the steady driver of the economy, is sailing for better times, having...

Baltic index hits fresh multi-year lows on capesize dip

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index falls for seventh session on lower capesize demand

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...

Nigeria opens ‘game changer’ billion-dollar deep seaport

Nigeria opened a billion-dollar Chinese-built deep seaport in Lagos on Monday, which is expected to ease congestion at the country’s ports and help it...

SC Ports handles nearly 3 million TEUs in record 2022

South Carolina Ports had a record 2022 with the most containers ever handled at the Port of Charleston. SC Ports moved nearly 2.8 million TEUs...

January oil loadings from Russia’s Baltic ports set to jump 50% vs Dec

Urals and KEBCO crude oil loadings from Russia’s Baltic ports of Primorsk and Ust-Luga in January are set to rise by 50% from December...