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Seadrill Partners Announces Filing of Voluntary Petitions Under Chapter 11

Source: www.gulfoilandgas.com 12/1/2020, Location: Europe

Seadrill Partners LLC has been in negotiations with an ad hoc group of lenders under the Company’s Term Loan B credit facility (the “TLB”) regarding a consensual reorganization of the Company’s balance sheet. In consultation with—and with the support of—the ad hoc group, the Company has filed voluntary petitions under chapter 11 of the Bankruptcy Code to preserve value and to continue the operation and marketing its assets. The Company intends to use the bankruptcy process to ensure that all customer, vendor and employee obligations are met without interruption and to complete a consensual restructuring of its debt.

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