Seadrill gets final bankruptcy court approval to use cash collateral

By Sarah Lizee

Olympia, Wash., March 10 – Seadrill Ltd. received final approval to access the cash collateral of its pre-petition secured lenders, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The debtors would not have enough available sources of working capital to operate their business in the ordinary course or to maintain their property without the use of the cash collateral, the order said.

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

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