Seadrill Ltd. seeks 120-day extension of its exclusive plan periods

By Sarah Lizee

Olympia, Wash., May 17 – Seadrill Ltd. is seeking a 120-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the company asked the court to extend the plan filing period through Oct. 8 and the solicitation period through Dec. 7.

The company said that although substantial progress has been made in its bankruptcy cases, some tasks remain before the debtors may emerge from Chapter 11.

“The debtors will use the extended exclusivity periods to continue to negotiate and refine the terms of a restructuring and negotiate consensus around the plan, which will ultimately pave the way for the debtors to confirm the plan and expeditiously emerge from these Chapter 11 cases,” the company said in its motion.

London-based offshore drilling company Seadrill filed Chapter 11 bankruptcy on Feb. 7 under case number 21-30427.

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