New Chapter 11 Filing – Seadrill New Finance Limited
On January 11, 2021, Seadrill New Finance Limited (“NSNCo”), issuer of Seadrill secured notes due 2025, and several affiliates filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 22-90001). According to the first day declaration, the proposed one-day prepackaged case is the final component of the broader Seadrill Group’s comprehensive restructuring efforts. The first day declaration further states the plan is supported by approximately 99.99 percent of voting creditors by amount and NSNCo’s sole shareholder, Seadrill Investment Holding Company Limited.
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