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Seadrill Limited (SDRLF) announced overwhelming acceptance of its reorganization plan, with over 96% of secured lenders and 88% of creditors voting in favor. The results indicate a strong consensus across all stakeholder classes, including unsecured creditors and shareholders. Seadrill targets exit from Chapter 11 around 60 days post-approval, scheduled for October 26. However, existing shareholders will see their stakes reduced to 0.25% of the new equity structure, raising concerns about future value. CFO Grant Creed highlighted this acceptance as crucial for Seadrill's market leadership.
Seadrill Limited (SDRL) announced that the U.S. Bankruptcy Court for the Southern District of Texas approved its disclosure statement for a proposed plan of reorganization. This approval facilitates Seadrill's emergence from Chapter 11 bankruptcy expected in Q4 2021. The Court has authorized the company to solicit votes from lenders regarding the plan, which includes a significant balance sheet restructuring. A hearing to consider final approval of the plan is set for October 26, 2021. Seadrill continues to operate 42 rigs globally, focusing on unlocking oil and gas resources.
Seadrill Limited has announced the entry into a restructuring implementation deed (RID) concerning its joint venture, SeaMex Ltd., allowing for the refinancing of its senior secured bank debt through new senior secured notes totaling approximately $219 million. A significant aspect of this restructuring is the sale of SeaMex's assets to a newly formed subsidiary, NewCo, which will assume SeaMex's liabilities. Additionally, existing shareholders are set to receive only 0.25% of the new equity, facing potential dilution.
Seadrill Limited (SDRLF) announced its financial results for the first half of 2021, reporting a total operating revenue of $452 million, a net loss of $605 million, and an operating loss of $252 million. The company achieved a technical utilization rate of 92% and a total backlog of $2.1 billion. Despite challenges, Seadrill improved its financial metrics with an adjusted EBITDA of $20 million, representing a 100% increase from the previous period. The company is nearing emergence from Chapter 11 bankruptcy, significantly affecting shareholder equity.
Seadrill Limited (OTCPK: SDRLF) announced a settlement agreement with Northern Ocean Ltd. (NOL) regarding outstanding balances from the preparation of the West Mira and West Bollsta rigs. This agreement resolves all claims between the two companies and requires Seadrill to restart bareboat lease payments for the West Bollsta rig from August 10, 2021. The agreement is contingent upon approval from the US bankruptcy court due to Seadrill's Chapter 11 protection. CFO Grant Creed noted that this settlement is crucial for their reorganization plan.
Seadrill Limited (OTC-PINK: SDRLF) announced a plan support agreement with senior secured lenders, representing about 57.8% of its loans. This plan aims to raise $350 million in new financing while reducing liabilities by over $4.9 billion. Senior secured lenders will exchange $5.6 billion of debt for $750 million of second-lien debt and 83% of new equity. Existing shareholders will receive only 0.25% of new equity if all creditors approve. The restructuring plan is subject to court approval by November 5, 2021.
Seadrill Limited has launched a consent solicitation process to amend the indenture governing its 12.0% Senior Secured Notes due 2025. This follows an announcement made on July 2, 2021. The solicitation will expire at 5 p.m. NYC time on July 9, 2021, unless extended or terminated earlier. Seadrill operates 43 rigs globally, enhancing its position as a leading offshore drilling contractor. For more information on the amendment, refer to the Issuer's announcement dated July 2, 2021.
On July 2, 2021, Seadrill Limited announced a restructuring support agreement (RSA) with 79% of senior secured noteholders to enhance the financial stability of its subsidiaries. The agreement allows noteholders to obtain 65% of pro forma equity in the Issuer and appoint 4 out of 5 directors. The restructuring includes amendments to the senior secured notes, extending the maturity to July 2026 with new interest terms. Also involved is the restructuring of SeaMex, a joint venture, while the company's cash balance stands at $50.5 million as of June 28, 2021.
Seadrill Limited announced an extension of a forbearance agreement regarding its 12.0% senior secured notes due 2025. The Issuer, Seadrill New Finance Limited, has received consent from certain Note Holders to refrain from exercising enforcement rights due to prior defaults, including a missed cash interest payment. This extension is valid until July 2, 2021, and aims to provide time for restructuring discussions, potentially involving a court-supervised process. Seadrill operates a technologically advanced fleet of 43 rigs across various offshore environments.
Seadrill Limited is advancing discussions regarding the restructuring of its 12.0% senior secured notes due 2025. This follows a prior announcement on June 11, 2021. The Issuer has agreed to extend its forbearance agreement, allowing time for negotiations, which might involve court-supervised processes. Additionally, SeaMex Ltd., a joint venture, is undergoing restructuring to materially reduce debt and enhance liquidity. John C. McKenna and Simon Appell have been appointed as joint provisional liquidators to manage SeaMex's restructuring effectively.
