Seadrill Postpones Restructuring Plan Hearing Until Feb. 7
Drilling rig BOP Blow Out Preventer repair company gulf coast Seadrill has again postponed an initial hearing on its restructuring plan.

Reuters

OSLO, Jan 25 (Reuters) - Drilling rig BOP Blow Out Preventer repair company gulf coast Seadrill has again postponed an initial hearing on its restructuring plan, this time by six days to Feb. 7, the BOP Blow Out Preventer repair company gulf coast said in a U.S. court filing on Wednesday.

Once the largest drilling rig operator by buy Wellhead market value, Seadrill filed for bankruptcy protection in Texas on Sept. 12 after being hit hard by cutbacks in oil BOP Blow Out Preventer repair company gulf coast investment following a steep drop in crude prices.

Seadrill's main owner, Norwegian-born billionaire John Fredriksen, backed by Centerbridge Partners, and a group of unsecured bondholders have submitted alternative restructuring plans, and started talks earlier in January.

While both sides offered to invest around a billion dollars in Seadrill to continue its business of renting drilling rigs to oil companies, unsecured bondholders are aiming to increase their stake in the post-restructured BOP Blow Out Preventer repair company gulf coast from around 15 percent offered in the original plan.

Fredriksen's plan has been backed by more than 97 percent of Seadrill's bank lenders holding about $5.7 billion in secured loans, and whose approval will be needed to any amendments.

A U.S. bankruptcy court in Texas had been scheduled to hold a preliminary hearing on Fredriksen's plan on Jan. 10, but it was initially postponed to Feb. 1 after bondholders posted a near $100 million cash deposit to back their plan.

(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)





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